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LOS  ANGELES  ^  EASADENA' 
HOLLYWOOD  "  SAN  DIEGO' 
SEATTLE  "  POPvTLAND  ' 
NEW  YORK  "  OAKLAND' 
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STONE  &  WEBSTER 

ESTABLISHED    1889 

Charles  A.  Stone  Edwi.v  S.  Webster 

Russell  Robb  Hexry  G.  Br_\dlee 


SECURITIES    DEPARTMENT 

SECURITIES  OF  PUBLIC   SERVICE   CORPORATIONS 


DIVISION    OF    CONSTRUCTION    AND 
ENGINEERING 

CONSTRUCTING  ENGINEERS 


MANAGEMENT   DIVISION 

GENERAL  MANAGERS   OF   PUBLIC   SERVICE   CORPORATIONS 


IQIQ 


BOSTON 

STONE    &    WEBSTER    BUILDING 
147  MILK  STREET 
NEW  YORK  CHICAGO 

120  Broadway  -t    /i  r»  ^    n    4  First  Nat'l  Bank  Bldg. 


iOGKH 


\  ^  :  " 

WE  give  in  the  following  pages  the  information  most 
commonly  desired  regarding  the  companies  under 
the  management  of  our  organization. 

These  companies  are  distinct  and  independent  corporations, 
each  standing  on  its  own  merits,  with  its  own  officers  and 
board  of  directors  and  its  own  bank  accounts  used  only  for 
its  own  purposes.  This  complete  independence  is  a  necessity, 
because  the  holders  of  the  securities  are  not  common  to  the 
different  companies. 

We  have  added  to  the  benefits  of  this  independence  the 
indisputable  advantage  of  a  large  organization.  With  a 
single  organization  managing  these  properties,  it  has  been 
possible  to  build  up  gradually  in  the  last  twenty-nine  years 
a  system  of  management  that  assures  proper  and  uniform  ac- 
counting, good  engineering,  economical  financing,  the  benefit 
of  purchasing  in  large  quantities,  proper  and  systematic 
records  of  the  acts  of  the  corporations,  the  gathering  and  dis- 
semination of  information,  the  compilation  and  study  of  statis- 
tics of  operation,  the  availability  of  trained  men  for  the  study 
and  handling  of  special  problems,  and  the  broad  view  and 
consistent  management  impossible  to  isolated  properties  and 
indispensable  to  the  most  successful  operation. 

It  has  been  our  policy  to  give  out  information  regarding  the 
earnings  and  the  condition  of  these  companies,  and  we  shall 
be  glad  to  have  securities  holders  communicate  with  us  if  they 
wish  additional  information  concerning  the  companies  or  the 
securities  issued  by  them. 

As  a  part  of  the  organization,  a  library  and  information 
bureau  is  maintained,  in  which  there  has  been  gathered  a  large 
amount  of  data  regarding  electric  railway,  electric  lighting,  gas 
and  water  power  properties  throughout  the  country.  Such 
of  this  information  as  is  not  confidential  we  shall  always  be 
glad  to  place  at  the  disposal  of  securities  holders. 

STONE  &  WEBSTER. 

jANUAuy  1,  1919. 


ELECTRIC  RAILWAY,  ELECTRIC  LIGHTING,  GAS  AND 
WATER  POWER  PROPERTIES  MANAGED  BY  STONE 
&  WEBSTER. 

PAGE 

Baton  Rouge  Electeic  Company  • 6 

Beaumont  Traction  Company 55 

Berkshire  Power  Company,  The      54 

Blackstone  Valley  Gas  and  Electric  Company 8 

Cape  Breton  Electric  Company,  Limited      10 

Central  Mississippi  Valley  Electric  Properties 12 

Columbus  Electric  Company 13 

Columbus  Power  Company,  The 53 

Connecticut  Power  Company,  The 15 

Eastern  Texas  Electric  Company 17 

Edison  Electric  Illuminating  Company  of  Brockton     ....  19 

El  Paso  Electric  Company ,    .  21 

Electric  Light  and  Power  Company  of  Abington  akd  Rockland, 

The 23 

Everett  Railway  ant>  Electric  Company      59 

Everett  Railway,  Light  and  Water  Company 58 

Fall  River  Gas  Works  Company 24 

Gal\-eston  Electric  Company 55 

Galveston-Houston  Electric  Compant      25 

Galveston-Houston  Electric  Railway  Company 55 

Haverhill  Gas  Light  Company 27 

Houghton  County  Electric  Light  Company 28 

Houghton  County  Street  Railway  Company,  The 56 

Houghton  County  Traction  Company 29 

Houston  Electric  Company 56 

Jacksonville  Electric  Company 58 

Jacksonville  Traction  Company 30 

Keokuk  Electric  Compantt 32 

Keokuk  Electric  Railway  ant)  Power  Company 53 

Key  West  Electric  Company',  The 34 

Lowell  Electric  Light  Corporation,  The 35 

Mississippi  River  Power  Company 36 

Nevada  Power,  Light  ant)  Water  Company 61 

New  London  Gas  and  Electric  Company,  The 54 

Northern  Texas  Electric  Company 37 

Northern  Texas  Traction  Company 57 

Pacific  Coast  Power  Company 57 

Pacific  Northwest  Traction  Company 57 

(4) 


ELECTRIC  RAILWAY,  ELECTRIC  LIGHTING,  GAS  AND 
WATER  POWER  PROPERTIES  MANAGED  BY  STONE 
&  WEBSTER. 

PAGE 

Pawtucket  Electric  Company 52 

Pawtucket  Gas  Company  of  New  Jersey,  The 52 

Pensacola  Electric  Company 39 

Ponce  Electric  Company 41 

Public  Service  Investment  Company 50 

Puget  Sound  Electric  Railway 58 

Puget  Sound  International  Railway  &  Power  Company    ...  58 

Puget  Sound  Power  Company 59 

Puget  Sound  Traction,  Light  &  Power  Company     42 

Railway  &  Light  Securities  Company 51 

Reno  Power,  Light  and  Water  Company 61 

Savannah  Electric  Company 44 

Savannah,  Thunderbolt  and  Isle  of  Hope  Railway 60 

Seattle  Electric  Company,  The 59 

Seattle  Railway  Company,  The 60 

Sierra  Pacific  Electric  Company 46 

Sydney  and  Glace  Bay  Railway  Company,  Limited 53 

Tacoma  Railway  and  Power  Company 58 

Tampa  Electric  Company 48 

Whatcom  County  Railway  &  Light  Company 60 

WooNsocKET  Electric  Machine  and  Power  Company 52 

Bonds  of  Constituent  Companies 52-61 

Suggestions  for  Guidance  in  Tr,\nsferring  Stock    ....       62-63 

Earnings  and  Expenses  of  Companies,  Coupons  and  Dividends 
due.  Bond  and  Interest  Tables,  Approximate  Income  from 
Stocks 6^75 


(S) 


BATON  ROUGE  ELECTRIC  COMPANY. 

BATON  ROUGE,   LOUISIANA. 

This  Company  does  the  entire  electric  railway,  electric  Ughting,  power 
and  gas  business  in  Baton  Rouge,  the  capital  of  Louisiana. 

Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  Feb.  1,  1939:— 

Outstanding §499,500 

Treasury 7,000 

In  sinking  fund,  cancelled 25,500 

Unissued 218,000 

Authorized $750,000 

Callable  as  a  whole  on  any  interest  day  (or  in  part  for 

sinking  fund)  at  105  and  interest. 
Note:  These  bonds  are  issued  in   exchangeable  denominations  of 

$500  and  $1,000. 
Sinking  Fund:    1%  per  annum  of  bonds  outstanding,  payable  Feb- 

ruai'y  1. 

Coupons:    February   1   and  August    1,   payable   at  office  of 
Trustee. 

Trustee  and  Registrar  of  Bonds :  Old  Colony  Trust  Company, 
Boston. 

Notes:  Two  Year,  6%  Gold  Coupon,  due  January  1,  1920:— 

Outstanding $143,500 

Treasury 6,500 

Unissued 150>00Q 

Authorized $300,000 

Issued  in  exchangeable  denominations  of  S500  and  $1,000. 
Callable  as  a  whole  at  par  and  interest  at  any  time  on 
thirty  days'  notice. 

Coupons:   January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes :   Old  Colony  Trust  Company, 
Boston. 

Stock:  (Shares,  $100  par). 

Preferred  outstanding $200,000 

unissued 50,000 

authorized $250,000 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding $300,000 

unissued      200,000 

authorized $500,000 

(6) 


Dividends:  Preferred  stock,  6%  cumulative,  payable  June  1 
and  December  1,  Common  stock  paid  June  1,  4%; 
December  2,  4%. 

Annual  Meeting :  First  Tuesday  in  May. 

General  Managers :  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers :  Beacon  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track :  6.23. 

Franchises:   Electric  light  and  power  franchises  expire  in  1988; 

railway  franchise  expires  in  1940;   gas  franchise  expires  in 

1942. 
Estimated  Population  Served:    Jan.  1,  1919,  railway,  21,700; 

electric  light  and  power,  21,700;  gas,  19,500. 

Census  igio:    14,897. 

Earnings  and  Expenses:   For  12  months  ending  Dec.  31,  1918: 

Gross  earnings $267,809.06 

Operating  expenses  and  taxes 146,653.36 

Net  earnings 121,155.70 

Interest  charges      41,422.94 

Balance 79,732.76 

Sinking  fund  requirements 5,005.00 

Balance 74,727.76 

Dividends:  Preferred  stock,  6%.  $12,000.00 

Common  stock,  8% .     24,000.00        36,000.00 

Balance  for  reserves  and  replacements  .    .    .       $38,727.73 


Balance  for  Sinking 

Net  Enrnings  after 

Fund  Requirements, 

12  mos.  end- 

Operating Expenses 

Reserves,  Replacements 

ing  Dec.  31.                        Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1907    .    .    .       $80,053.82 

$17,925.95 

$12,442.89 

1908 

93,257.35 

24,568.27 

19,263.74 

1909 

99,757.21 

26,495.54 

10,162.70 

1910 

110,173.74 

38,056.38 

17,397.05 

1911 

119,476.02 

43,590.47 

22,902.95 

1912 

147,381.21 

59,474.67 

38,707.07 

1913 

163,128.32 

60,746.92 

39,775.60 

1914 

178,82l.7i) 

64,516.22 

43,631.56 

1915 

190,852.07 

82,047.58 

60,840.20 

1916 

211,691.05 

110,836.05 

73,990.44 

1917 

231,965.08 

112,551.10 

74,875.14 

1918 

267,809.06 

121,155.70 

79,732.76 

(7) 


BLACKSTONE  VALLEY  GAS  AND  ELECTRIC 
COMPANY. 

This  Company  in  1912  acquired  the  physical  property  of  Woonsocket  Gas  Company 
and,  subject  to  the  outstanding  honds,  the  physical  properties  of  Pawtucket  Electric 
Company  and  Woonsocket  Electric  Machine  and  Power  Company.  It  also  acquired 
all  the  common  stock  ($1,000,000  par  value)  and  $10,000  of  $1,000,000  par  value  of  the 
preferred  capital  stock  of  The  Pawtucket  Gas  Company  of  New  Jersey,  which  owns  all 
the  capital  stock  of  The  Pawtucket  Gas  Company.  Blackstone  Valley  Gas  and  Electric 
Company  accordingly  does  the  entire  gas  and  electric  lighting  and  power  business  in  the 
Blackstone  Valley  of  Rhode  Island,  including  the  cities  of  Pawtucket,  Woonsocket  and 
Central  Falls;    the  towns  of  Cumberland,  Lincoln  and  other  adjacent  towns. 

Bonds:  First  and  General  Mortgage,  5%  Gold,  due  Jan.  1,  1939: — 

Outstanding S2, 023,000 

Treasury 49,000 

In  sinking  fund,  cancelled 166,000 

Unissued 2,762,000 

Authorized $5,000,000 

Callable  as  a  whole  or  in  part  at  110  and  interest  on  any  interest  day. 

Registerable  both  as  to  principal  and  interest. 

Note:  The  issued  bonds  bear  interest  at  the  rate  of  5%,  but  the  authorized  and 

unissued  bonds  may  bear  interest  at  a  lower  rate  as  determined  by  the  Board  of 

Directors. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  January  1. 
Note:  For  bonds  of  Constituent  Companies,  see  page  52. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Slater  Trust  Company,  Pawtucket,  R.I. 

Notes:  Three  Year,  43^%  Gold  Coupon,  due  April  1,  1919:— 

Authorized  and  outstanding  (indenture  closed)      ....        $750,000 
Callable  as  a  whole  or  in  part  at  lOOJ^  and  interest  on 
any  interest  date. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:  Slater  Trust  Company,  Pawtucket,  R.I. 

Stock:   (Shares:  preferred,  $100  par;  common,  $50  par).     Non-taxable  in 
Rhode  Island. 

Preferred  outstanding $1,294,200 

unissued 55,800 

authorized  (by  stockholders) $1,350,000 

Redeemable  at  11.5. 

Preferred  as  to  dividends  and  in  case  of  Uquidation. 

Common  outstanding $2,598,750 

unissued ' 51,250 

authorized  (by  stockholders) $2,650,000 

Note:  Capital  stock  authorized  by  charter,  $8,000,000.  As  much  of  the  unissued 
stock  shall  be  preferred  as  the  stockholders  may  determine,  but  the  preferred 
stock  shall  not  exceed  75%  of  the  total  issue. 

(8) 


Dividends:  Preferred  stock,  6%  cumulative,  payable  June  1  and  Decem- 
ber 1.  Common  stock  paid  March  1,  2%;  June  1,2%;  Septembers. 
2%;  December  2,  2%. 

Annual  Meeting:  Second  Tuesday  in  February 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  American  Trust  Company,  Boston. 

Franchises:  Principal  franchises  not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  electric  light  and  power, 
159,950;  gas,  157,800. 

Census  1910:  Pawtucket,  51,622;  Woonsocket,  38,125;  Central  Falls, 
22,754. 

Earnings  and  Expenses:  (combined  companies):  For  12  months  ending 
Dec.  31,  1918:— 

Gross  earnings      $2,444,732.93 

Operating  expenses  and  taxes 1,754,262.89 


690,470.04 
105,500.00 

584,970.04 
178,293.03 

406,677.01 
32,595.56 

374,081.45 

278,127.00 
$95,954.45 

*  Interest  charges  on  bonds  and  dividends  on  outstanding  Preferred  Stock  of  The 
Pawtucket  Gas  Company  of  New  Jersey. 


Net  earnings 

*Deductions 

Balance 

Interest  charges 

Balance 

Sinking  fund  requirements 

Balance 

Dividends:  Preferred  stock,  6% $77,652.00 

Common  stock,  8% 200,475.00 

Balance  for  reserves  and  replacements 


IS  mo8.  end- 
ing Dec.  31. 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 

1909     ....         $985,773.43 

$439,523.77 

$145,898.93 

1910 

1,039,782.13 

484,053.40 

192,041.38 

1911 

1,127,182.90 

541,990.85 

244,474.16 

1912 

1,2.37,139.37 

562,816.08 

279,771.61 

1913 

1,304,462-37 

561,285.99 

319,374.76 

1914 

1,330,372..>S 

564,344.07 

318,530.99 

1915 

1,515,104.08 

676,485.42 

415,030.84 

1916 

1,744,927.00 

762,578.14 

492,685.59 

1917 

1,091,843.87 

641,069.44 

369,831.07 

1918 

2,444,732.93 

690,470.04 

406,677.01 

(9) 


CAPE  BRETON  ELECTRIC  COMPANY, 
LIMITED, 

SYDNEY,  NOVA  SCOTIA. 

This  Company  does  the  entire  electric  lighting  and  electric  railway  business  in  Sydney, 
the  entire  electric  lighting  business  in  North  Sydney,  the  ferry  business  between  Sydney 
and  North  Sydney,  and  operates  an  interurban  line  between  North  Sydney  and  Sydney 
Mines.  It  also  owns  $220,000  of  the  $380,000  outstanding  First  Mortgage  bonds,  and  the 
capital  stock  of  the  Sydney  and  Glace  Bay  Railway  Company,  Limited,  an  interurban 
line  nineteen  miles  in  length  between  Sydney  and  Glace  Bay,  which  is  operated  under 
lease  for  ninety-nine  years  from  January  1,  1911,  and  guarantees  the  payment  of  said 
Company's  bonds  as  to  principal,  interest  and  sinking  fund. 

Bonds:    First  Mortgage,  30  Year,  5%  Gold,  due  Jan.  1,  1932:— 

Outstanding $1,096,000 

Cancelled  for  improvement  fund 2,000 

Unissued 402,000 

Authorized $1,500,000 

Callable  as  a  whole  at  105  and  interest  on  any  interest  day. 
Improvement  Fund:  1%  per  annum  of  bonds  bsued. 
Note:   For  bonds  of  leased  Company,  see  page  53. 

Coupons:    January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:   State  Street  Trust  Company,  Boston. 

Stock:    (Shares,  $100  par). 

Preferred  outstanding $234,000 

unissued 266,000 

authorized  (by  stockholders) $500,000 

Redeemable  at  120. 

Preferred  as  to  dividends  and  in  case  of  Uquidation. 

Common  authorized  (by  stockholders)  and  outstanding  .     $1,125,000 

Note:    Capital  stock  authorized  by  charter,  $2,000,000.     As  much  of  the  unissued 
stock  shall  be  preferred  as  the  stockholders  may  determine. 

Dividends:    Preferred  stock,   6%   non-cumulative,   payable   May   1    and 
November  1.     Common  stock  paid  May  1,  1|%;  November  1,  1^%. 

Annual  Meeting:   First  Tuesday  in  May. 

General  Managers:   Stone  &  Webster,  Boston. 

Transfer  Agents:   Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:   State  Street  Trust  Company,  Boston. 

(lo) 


Miles  of  Equivalent  Single  Track:   Cape  Breton  Electric  Company,  Lim- 
ited, 12.9;  S3'dney  and  Glace  Bay  Railway  Company,  Limited,  19. 

Franchises:   Expire  1931  and  1932. 

Estimated  Population  Served:   Jan.  1,  1919,  railway,  59,300;  light,  35,300. 

Census  igii:   Sydney,  17,617;  North  Sydne}^  and  Sydney  Alines,  12,882; 
Glace  Bay,  16,561. 

Earnings    and     Expenses:    (including  leased  property):  For  12  months 
ending  Dec.  31,  191S:— 

Gross  earnings $513,005.00 

Operating  expenses  and  taxes 392,409.19 

Net  earnings 120,595.81 

Interest  charges 63,146.47 

Balance        57,449.34 

Sinking  fund  requirements       15,360.00 

Balance 42,089.34 

Dividends:  Preferred  stock,  6% .S14,040.00 

Common  stock,  3%      33,750.00        47,790.00 

Surplus  drawn  on  to  the  extent  of $5,700.66 


12  mos.  end- 
ing Dec.  31. 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 

1903     ....       S223,990.27 

$79,742.37 

$37,242.37 

1904 

202,018.84 

46,350.46 

2,880.19 

1905 

211,980.-53 

56,718.29 

12,422.84 

1908 

258,416.80 

103,944.52 

60,783.55 

1907 

250,064.67 

93,016.55 

50,154.25 

1908 

247,545.69 

100,504.08 

56,524.55 

1909 

285,799.30 

111,631.50 

57,149.07 

1910 

326,010.11 

149,9.38.00 

95,688.00 

1911 

337,-5.54.88 

155,791.12 

101,641.12 

1912 

360,176.84 

16-5,296.10 

111,471.10 

1913 

380,951.86 

170,998.54 

112,365.65 

1914 

349,893.-58 

138,774.34 

75,925.15 

1915 

.3.57,214.07 

150,786.25 

86,694.39 

1916 

393,666.68 

162,401.71 

99,4-34.10 

1917 

464,081.-53 

165,834.93 

102,-542.95 

1918 

513,005.00 

120,-595.81 

57,449.34 

The  ycaM  1903  to  1908  inclu.'iive  include  ono-lKilf  and  Bubsetiuent  years  all,  the  earnings, 
taxes  and  interest  charges  of  the  Sydney  and  Gluce  Bay  Railway  Company,  Limited. 


fII^ 


CENTRAL  MISSISSIPPI  VALLEY  ELECTRIC 
PROPERTIES. 

Central  Mississippi  Valley  Electric  Properties  was  formed  in  Illinois  by  a  Trust  Agree- 
ment, under  which  there  is  deposited  the  entire  capital  stock  of  Fort  Madison  Electric 
Company  and  Dallas  City  Light  Company  and  all  the  capital  stock  of  Keokuk  Electric 
Company,  except  $250,000  preferred  stock.  These  Companies  do  the  entire  gas,  electric 
railway,  lighting  and  power  business  in  Keokuk,  Iowa,  the  entire  electric  lighting  and 
power  business  in  Fort  Madison,  Iowa,  and  Dallas  City,  Illinois,  and  the  entire  electric 
railway  and  electric  lighting  business  in  Hamilton  and  Warsaw,  Illinois,  and  operate  an 
interurban  electric  railway  between  Keokuk,  Hamilton  and  Warsaw. 

Bonds:  No  bonded  indebtedness. 

Note:  For  bonds  of  Constituent  Company,  see  pages  32  and  53. 

Shares : 

Preferred  (SlOO  par). 

Authorized  and  outstanding $750,000 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Redeemable  at  110. 
Common  (no  par  value). 
Authorized  and  outstanding 7,500  shares 

Dividends:  Preferred  shares,  6%  cumulative,  payable  March  1,  June  1,  September  1  and 
December  1. 

Annual  Meeting:  Third  Monday  in  December. 

Transfer  Agents:  Stone  &  Webster,  Boston 

Registrar:  Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:  (subsidiary  companies):  7.99;  trackage,  6.14. 

Franchises:  (subsidiary  companies):  In  Keokuk,  railway  and  lighting  franchises  expire  in 
1936,  gas  franchise  in  1928.  In  Hamilton,  lighting  franchise  expires  in  1936,  impor- 
tant railway  franchise  in  1931.  In  Fort  Madison  and  Dallas  City,  lighting  franchises 
expire  in  1938.  The  interurban  between  Keokuk,  Hamilton  and  Warsaw  operates 
largely  on  leased  lines. 

Estimated  Population  Served:  Jan.  1,  1919,  railway,  18,900;  electric  light  and  power, 
33,.500;  gas,  14,500. 

Census  1910:  Keokuk,  14,008;  Hamilton,  1,627;  Fort  Madison,  8,900;  Dallas  City, 
1,288;  Warsaw,  2,254. 

Earnings  and  Expenses:    (combined  companies):  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $339,076.08 

Operating  expenses  and  taxes 259,590.45 

Net  earnings 79,485.63 

Interest  and  amortization  charges 29,245.08 

Balance 50,240.55 

Sinking  fund  requirements 5,000.00 

Balance 45,240.55 

Dividends:  Preferred  stock: 

Keokuk  Electric  Co.  6% 15,000.00 

Balance  for  reserves,  replacements  and  dividends $30,240.53 

Balance  for  Sinking 

Net  Earnings  after  Fund  Requirements; 

12  mos.  end-                                                           Operating  Expenses  Reserves,  Replacements 

inghec.Sl.                           Gross  Earnings.                and  Taxes.  and  Dividends. 

1914              .    .    .                $296,022.60                     $99,672.24  $82,675.62 

1915 282,177.61                        94,665.60  77,210.24 

1916  .    .    .                  294,893.39                        96,899.24  78,072.32 

1917  311,629.80  90,671.39  68,148.69 

1918  '.....  339,076.08  79,485.63  50,240.55 

(12) 


COLUMBUS  ELECTRIC  COMPANY. 

COLUMBUS,  GEORGIA. 

This  Company  owns  all  the  stock  of  Columbus  Railroad  Company  and 
of  Gas  Light  Company  of  Columbus,  also  1,213  shares  of  a  total  of  3,500 
shares  of  preferred  stock  and  the  entire  common  stock  of  The  Columbus 
Power  Company.  It  also  guarantees  the  payment  of  The  Columbus 
Power  Company  bonds  as  to  principal,  interest  and  sinking  fund. 

The  above  companies  do  the  entire  electric  railway,  electric  lighting, 
gas  and  power  business  in  the  city  of  Columbus  and  vicinity  and  in  the 
adjoining  towns  of  Pha-ni-x  City  and  Girard,  and  a  wholesale  power 
business  in  Columbus,  West  Point,  Lanette,  Lagrange,  Hogansville,  Trim- 
ble, Grantville,  Moreland  and  Newnan. 

Bonds:    First  jNIortgage  Collateral  Trust,  30  Year,  5%  Gold, 
due  April  1,  1933:— 

Outstanding $758,000 

Treasury      53,000 

Unissued 689,000 

Authorized $1,500,000 

Callable  as  a  whole  at  105  and  interest. 
Improvement  Fund :  2%  per  annum  of  bonds  outstanding. 
A'ote:  For  bonds  of  Constituent  Company,  see  page  53. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:   Old  Colony  Trust  Company, 

Boston. 
Notes:  Two  Year,  6%  Gold  Coupon,  due  July  1,  1919:— 

Authorized  and  outstanding  (indenture  closed),  $1,500,000. 

Issued  in  exchangeable  denominations  of  $100, 
$500  and  $1,000. 

Callable  as  a  whole  at  100  and  interest  on  any  interest  day. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:   Commonwealth  Trust  Com- 
j)any.  l>(;st()ii. 

Stock:    (Shares,  $100  par). 

Preferred  outstanchng $1,200,000 

unissued      300,000 

authorized $1,500,000 

Preferred  as  to  divid(>nds  and  in  case  of  li(iui(lation. 
Common  .'luthorizcd  and  outstan(Hng     ....  $1,500,000 

Dividends:     Preferred   stock,  (V/c   cuinulative,   payahle  Janu- 
ary ]  and  July  1. 
Annual  Meeting:    First  Tuesday  in  iM-bruary. 

(13) 


k 


General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston, 

Stock  Registrar:   Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:     (subsidiary   companies): 
26.3.     Includes  5  miles  leased  to  Seaboard  Air  Line. 

Franchises :    (subsidiary'  companies) :    Principal  franchises  not 
limited  in  time. 

Estimated  Population  Served:    Jan.  1,  1919,  railway,  40,100; 
electric  light,  42,300;  power,  77,300;  gas,  26,300. 

Census  igio:  Columbus,  20,554. 

Earnings  and  Expenses :  (combined  companies) :  For  12  months 
ending  Dec.  31,  1918:— 

Gross  earnings $1,181,412.88 

Operating  expenses  and  taxes 567,313.09 

Net  earnings 614,099.79 

Interest  charges 340,941.60 

Balance 273,158.19 

Sinking  fund  requirements 56,243.34 

Balance 216,914.85 

Dividends:  Preferred  stock,  6% 72,000.00 


Balance  for  reserves  and  replacements 


144,914.85 


Balance  for  Sinking 

Net  Earnings  after 

Fund  Requirements, 

12  mos.  end- 

Operating Expenses 

Reserves,  Replacements 

ing  Dec.  31. 

Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1903    .    . 

$163,668.21 

$51,697.74 

$18,602.39 

1904    .    . 

178,420.25 

58,581.16 

23,079.37 

1905    .    . 

199,227.20 

72,104.84 

36,728.10 

1906    .    . 

291,244.01 

135,169.80 

45,173.72 

1907    .    . 

340.574.51 

155,875.15 

33,379.89 

1908    .    . 

358,497.05 

165.367.91 

38,609.82 

1909    .    . 

376,592.23 

162,341.58 

36,683.66 

1910    .    . 

464,066.30 

249,603.78 

83,272.09 

1911    .    . 

492,324.74 

248,740.67 

155,049.80 

1912    .    . 

540,464.94 

272,335.60 

156,716.89 

1913    .    . 

608,635.78 

313,983.39 

117,327.86 

1914    .    . 

681,606.10 

383,271.59 

98,794.47 

1915    .    . 

721,217.27 

399,177.15 

94,792.83 

1916    .    . 

881,353.65 

530,120.93 

226,706.36 

1917    .    . 

1,096,066.25 

675,605.26 

366,829.69 

1918    .    . 

1,181,412.88 

614,099.79 

273,158.19 

(14) 


THE  CONNECTICUT  POWER  COMPANY. 

This  Company  does  the  entire  gas,  electric  lighting  and  commercial  power  business  in 
New  London,  Conn.,  the  entire  electric  lighting  and  commercial  power  business  in  Middle- 
town,  and  serves  numerous  other  manufacturing  communities  in  Connecticut,  including 
Canaan,  Norfolk  and  Thomaston.  From  the  new  hydro-electric  plant  owned  by  the 
Company  on  the  Housatonic  River  at  Great  Falls  where  12,000  H.P.  has  been  installed  . 
— ultimate  capacity  16,000  H.P. — wholesale  current  is  furnished  under  long  term  contracts 
to  public  ser\-ice  companies  in  Torrington,  Bristol  and  Hartford. 

Bonds:   First  and  Consolidated  Mortgage,  50  Year,  5%  Gold,  due  April  1, 
1963:— 

Non-taxable  in  Connecticut. 

Outstanding $1,906,500 

In  sinking  fund,  cancelled      57,500 

Authorized  (see  Note) $1,964,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  1073^  and  interest 
on  any  interest  day. 

Note:  The  amount  of  authorized  bonds  is  not  limited,  but  additional  bonds  may  be 
issued  only  under  the  carefully  guarded  restrictions  of  the  mortgage.  The  issued 
bonds  bear  interest  at  the  rate  of  o'Tt,  but  the  unissued  bonds  may  bear  interest 
at  a  lower  rate,  as  determined  by  the  Board  of  Directors.  These  bonds  are  issued 
in  exchangeable  denominations  and  forms:  in  coupon  form  in  $500  and  $1,000 
denominations,  registerable  as  to  principal  only;  in  registered  form  in  $5,000 
denomination  and  multiples  thereof. 

Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  April  1. 

Note:  For  bonds  of  Constituent  Companies,  see  page  54. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:   Old  Colony  Trust  Company,  Boston. 

Notes:  Two  Year,  6%  Gold  Coupon,  due  January  1,  1920: — 

Outstanding     S500,000 

Unissued 250,000 

Authorized S7o0,000 

Issued  in  exchangeable  denominations  of  $100,  $500  and  $1,000. 
Callable  as  a  whole  or  in  part  at  100  and  interest  on  any  interest  day. 

Coupons:  Januarj'  1  and  .July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:  Commonwealth  Trust  Company,  Boston. 

Stock:  (Shares,  $100  par).     Non-taxable  in  Connecticut. 

Preferred  authorized  (by  stockholders)  and  outstanding,   $1,250,000 

Redeemable  at  115. 

Prfforred  :i.s  to  dividends  and  in  case  of  liqtiidation. 
Common  authorized  (by  stockholders)  and  outstanding,   $1,000,000 

Note:  Capital  Stock,  preferred  and  cointnon,  autliorizcd  by  charter,  in  unlimited, 
but  only  no  much  of  the  uni.s.suod  .stock  hihall  Ije  pnfcrred  its  the  stockholders  may 
detcrriiiuc. 

(IS) 


Dividends:    Preferred  stock,  6%  cumulative,  payable  March  1,  June  1, 
September  1  and  December.!.     Common  stock  paid  March  1,  15%. 

Annual  Meeting:  Third  Monday  in  March. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Franchises :  Not  limited  in  time. 

Estimated  Population   Served:  Jan.    1,    1919,   electric  light  and  power, 
88,300;*   gas,  35,000.* 

*  Increa.se  over  last  year  due  to  activity  in  connection  with  Naval  Station  at  New  London. 

Census  1910:   Middletown,  20,749;  New  London,  19,659;  North  Canaan, 
2,171;   Thomaston,  3,533. 

Earnings   and   Expenses:    (combined  companies):   For  12  months  ending 
Dec.  31,  1918:— 

Gross  earnings $1,028,251.72 

Operating  expenses  and  taxes 630,591.99 

Net  earnings 397,659.82 

Interest  charges  and  rentals 222,043.14 

Balance 175,616.68 

Sinking  fund  requirements  .    .    .    : 20,673.80 

Balance 154,942.88 

Dividends:  Preferred  stock,  6% $75,000.00 

Common  stock,  U% 15,000.00  90,000.00 

Balance  for  reserves  and  replacements $64,942.88 


12  mos.  end- 
ing Dec.  SI. 

1914 
1915 
1916 
1917 
1918 


Gross  Earnings. 

$446,738.06 
574,385.85 
742,686.28 
870,621.42 

1,028,251.72 


Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

$193,608.14 
277,856.09 
373,355.54 
397,449.90 
397,659.82 


Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 


,544.81 
148,644.01 
198,515.91 
210,751.97 
175,616.68 


(16) 


EASTERN  TEXAS  ELECTRIC  COMPANY. 

BEAUMONT  AND  PORT  ARTHUR,  TEXAS. 

This  Company,  a  Texas  corporation,  formerly  Jefferson  County  Traction  Company,  in 
1918  purchased  and  consolidated  with  the  properties  formerly  owned  by  the  Beaumont 
Electric  Light  and  Power  Company,  Port  Arthur  I>ight  &  Power  Company  and  Beaumont 
Traction  Company,  companies  previously  controlled  through  stock  ownership  by  Eastern 
Texas  Electric  Company,  a  Maine  corporation. 

It  does  the  entire  electric  Mght  and  power  business  in  Beaurnont  and  Port  Arthur,  the 
entire  electric  railway  business  in  Beaumont,  and  operates  an  interurban  electric  railway 
between  Beaumont  and  Port  .Arthur,  a  distance  of  20  miles. 

Bonds:  Five  Per  Cent.  Gold  Mortgage,  due  November  1,  1942: — 

Outstanding $1,410,500 

In  sinking  fund,  cancelled      15,000 

Reserved  to  retire  outstanding  Beaumont  Traction  Com- 
pany bonds  270,000 

Available  for  immediate  issue 369,000 

Authorized  (see  Note) $2,064,500 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105  and  interest. 

Note:  The  amount  of  authorized  bonds  is  not  limited,  but  additional  bonds  may  be 
issued  only  under  the  carefully  guarded  restrictions  of  the  mortgage.  The.se  bonds 
are  issued  in  exchangeable  denominations  and  forms;  in  coupon  form  in  $500 
and  SI  ,000  denominations,  registerable  as  to  principal  only;  in  registered  form 
in  $.5,000  denomination,  and  at  the  option  of  the  Company  in  multiples  thereof. 

Sinking  Fund:   \%  per  annum  of  bonds  outstanding,  payable  November  1. 
Sotc    For  bonds  of  Constituent  Company,  see  page  55. 

Coupons:   May  1  and  November  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds :   State  Street  Trust  Company,  Boston, 
Notes:  Three  Year,  ~',l  Gold  Coupon,  due  August  1,  1921: — 

Outstanding $750,000 

Unissued 250,000 

Authorized $1,000,000 

Issued  in  exchangeable  denominations  of  $100,  $500  and  $1,000. 

Callable  as  a  whole  at  any  time  on  30  days'  notice  on  or  before  August 
1,  1920,  at  101  and  interest  and  thereafter  at  100  and  interest. 

Coupons:   February  1  and  August  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Notes:    State  Street  Trust  Company,  Boston. 
Stock:  (Shares  SI 00  par). 

Preferred  outstanding $1,400,000 

in  treasury 50,000 

authorized $1,450,000 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liciuidation. 

Common  authorized  and  outstanding $1,400,000 

Dividends:   Preferred  stock,  6%  cumiilalive,  payable  January  1  and  July  1. 
Common  stock,  paid  by  Maine  Company  January  2,  2J%, 
and  July  1,  2>i%. 

(17) 


Annual  Meeting:   Third  Tuesday  in  January. 

General  Managers :  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Stock  Registrar:  State  Street  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:   29.8;  trackage,  2.04. 

Franchises:  Expire  in  Beaumont,  1961  and  1963;   in  Port  Arthur,  1943; 
interurban,  almost  entirely  on  private  right  of  way. 

Estimated  Population  Served:    Jan.  1,  1919,  railway,  63,900;    light  and 
power,  64,200. 

Census  1910:  Beaumont,  20,640;  Port  Arthur,  7,663. 

Earnings  and  Expenses:    (combined  companies):    For  12  months  ending 
Dec.  31,  1918:— 

Gross  earnings      $1,131,752.55 

Operating  expenses  and  taxes 662,159.32 

Net  earnings 469,593.23 

*Income  from  other  sources 7  775.75 

Balance 477,368.98 

148,931.55 


Interest  charges 

Balance 

Sinking  fimd  requirements 

Balance 

Dividends:  Preferred  stock,  6% $84,000.00 

Common  stock,  5% 70,000.00 

Balance  for  reserves  and  replacements $159,670.30 

*  Income  from  Securities  of  Port  Arthur  Ice  and  Refrigerating  Co.  and  interest  on 
Funds  advanced  for  Construction  Purposes. 


328,437.43 
14,767.13 

313,670.30 
154,000.00 


12  mos.  end- 
ing Dec.  SI. 

1913 
1914 
1915 
1916 
1917 
1918 


Gross  Earnings. 

$440,441.74 
673,095.25 
723,091.30 
826,313.75 
938,074.35 
1,131,752.55 


Net  Earnings  after 
Operating  Expenses 
and  Taxes. 

$169,849.78 
271,163.24 
336,644.24 
381,891.56 
421,081.74 
469,593.23 


Balance  for  Sinking 
Fund  Requirements, 
Reserves,  Replacements 
and  Dividends. 

$141,354.84 
159,524.68 
231,082.59 
275,926.51 
318,818.91 
328,437.43 


(i8) 


EDISON  ELECTRIC  ILLUMINATING 
COMPANY  OF  BROCKTON. 

BROCKTON,  MASS. 

This  Company  does  the  entire  electric  lighting  and  power  business  in 
Brockton  and  in  the  adjacent  towns  of  Whitman,  Avon,  Hanson,  Bridge- 
water,  East  and  West  Bridgewater,  Stoughton  and  Easton,  and  furnishes 
power  to  The  Electric  Light  and  Power  Company  of  Abington  and  Rock- 
land. 

Bonds:  First  ^vlortgage,  30  Year,  57c  Gold,  due  Dec.  1,  1930:— 

Authorized  and  out.standing  (mortgage  closed)    .    $200,000 

Callable  as  a  whole  or  in  part  at  110  and  interest  on  any 
interest  day. 

Note:  By  the  purchase  of  the  property  and  assets  of  The  Bridge- 
water  Electric  Company,  Edison  Electric  Illuminating  Company  of 
Brockton  assumed  the  payment  of  .?1.5,000  face  value  of  First 
Mortgage,  20  Year,  5%  Gold  Bonds  of  The  Bridgewater  Electric 
Company,  due  Dec.  1,  1920. 

Coupons:  June  1  and  Decem])er  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Boston  Safe  Deposit  and 
Trust  Company,  Boston. 

Notes:  20  Year,  5%  Gold  Coupon,  due  March  1,  1921:— 

Outstanding $10,000 

In  sinking  fund,  cancelled 65,000 

Unissued 25,000 

Authorized $100,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  on  any 

interest  day. 
Sinking  Fund:    -S.OjOOO  per  annum,  payable  March  1. 

Coupons:  ^Nlarch  1  and  September  1,  payable  at  office  of  Trus- 
tee. 

Trustee  of  Notes:  Bo.ston  Safe  Deposit  and  Trust  Company, 
Boston. 

Notes:  Two  Year,  6%  Gold  Coupon,  due  December  1,  -1919:— 
Authorized  and  outstanding  (indenture  closed),  $750,000 
Is.sued  in  excliangeable  denominations  of  $100, 

$500  and  $1,000. 
Callable  as  a  whole  at  par  and  interest  at  any  time  on  thirty 
days'  notice. 
Coupons:   Junf  1  and  Dcrombcr  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:  Boston  Safe  Deposit  and 
Trust  Company,  Boston. 

(19) 


Stock:  (Shares,  $100  par).     Non-taxable  in  Massachusetts. 
Authorized  and  outstanding $1,476,000 

Dividends:  Paid  February  1,  2%;    May  1,  2%;    August  1, 

2%;   November  1,  2%. 
Annual  Meeting:  First  Tuesday  in  March. 
General  Managers :  Stone  &  Webster,  Boston. 
Transfer  Agents :   Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:  State  Street  Trust  Company, 
Boston. 

Franchises :  Not  Umited  in  time. 

Estimated  Population   Served:  Jan.  1,  1919,  light  and  power, 
102,000. 

Census  igio:  Brockton,  56,878. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $831,537.59 

Operating  expenses  and  taxes 577,114.30 

Net  earnings 254,423.29 

Interest  and  amortization  charges       ....  74,131.91 

Balance 180,291.38 

Sinking  fund  requirements 5,000.00 

Balance 175,291.38 

Dividends:  Capital  stock,  8% 118,080.00 


Balan 

ce 

f 

or 

reserves  and 

replacements  . 

.    .        $57,211.38 

Balance  for  Sinking 

Net  Earnings  after 

Fund  Requirements, 

12  mos.  end- 

Operating Expenses 

Reserves,  Replacements 

ing  Dec.  31.                      Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1890 

.    .    .       $73,902.32 

$26,368.22 

$15,868.22 

1900 

76,143.28 

21,378.82 

11,178.82 

1901 

85,618.75 

31,495.30 

21,996.65 

1902 

96,755.31 

32,797.36 

23,920.83 

1903 

105,300.24 

34,763.76 

22,787.78 

1904 

121,741.63 

51,486.15 

40,505.43 

1905 

145,979.44 

42,610.53 

34,1.58.29 

1906 

166,799.23 

55,388.73 

46,804.69 

1907 

197,966.96 

83,800.59 

74,593.38 

1908 

218,927.55 

86,670.33 

72,431.17 

1909 

273,581.49 

108,512.98 

88,845.88 

1910 

310,087.27 

113,524.93 

97,004.52 

1911 

353,933.29 

117,529.26 

101,263.60 

1912 

394,893.94 

146,905.37 

128,516.85 

1913 

437,878.90 

154,169.13 

131,133.03 

1914 

476,366.16 

164,165.97 

132,-559.34 

1915 

552,234.79 

204,321.04 

180,498.22 

1916 

635,597.44 

235,126.26 

223,026.52 

1917 

729,448.32 

276,629.34 

239,445.06 

1918 

831,537.59 

254,423.29 

180,291.38 

(20) 


EL  PASO  ELECTRIC  COMPANY, 

EL  PASO,  TEXAS. 

This  Company  owns  the  securities  of  El  Paso  Elootric  Railway  Company,  El  Paso  and 
Juarez  Traction  Company  and  Rio  Grande  Valley  Traction  Company,  which  companies 
do  the  entire  electric  railway,  electric  Ughting  and  power  business  in  El  Paso,  Texas, 
and  Juarez,  Mexico,  and  operate  an  electric  railway  between  El  Paso  and  Ysleta. 

Bonds:  Collateral  Trust,  30  Year,  5%  Gold,  due  Jan.  1,  1932:— 

Authorized  and  outstanding  (mortgage  closed) $1,000,000 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  State  Street  Trust  Company,  Boston. 

Notes:  Three  Year,  6%  Gold  Coupon  (initial  issue),  due  Aug.  1,  1920: — 

Outstanding      $300,000 

Unissued 700,000 

Authorized $1,000,000 

Issued  in  exchangeable  denominations  of  $100,  $500  and  $1,000. 
Callable  as  a  whole  at  100  and  interest  on  any  interest  day. 

Coupons:  February  1  and  August  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:  State  Street  Trust  Company,  Boston. 

Stock:  (Shares,  $100  par). 

Preferred  outstanding $783,700 

treasury 210,300 

authorized $1,000,000 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding $2,914,100 

unissued 85,900 

authorized $3,000,000 

Dividends:  Preferred  stock,  6%  non-cumulative,  payable  second  Monday 
in  January  and  July.  Common  stock  paid  March  15,  23^%;  June  15, 
23^%;  September  16,  2}/^%;  December  16,  2}/^%. 

Annual  Meeting:  Second  Monday  in  January. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  I'osfon. 

Stock  Registrar:  State  Street  Trast  Coini)aiiy,  Boston. 

(21) 


Miles  of  Equivalent  Single  Track :  (subsidiary  companies) :  50.5. 

Franchises:  (subsidiary  companies):  Expire  in  El  Paso,  1951  and  1952. 
Railway  franchise  in  Juarez  expires  in  19SS.  Interurban,  almost 
entirely  on  private  right  of  way. 

Estimated  Population  Served:  Jan.  1,  1919,  railway,  102,200*;  light  and 
power,  102,200*;   Juarez,  Mexico,  11,000. 

*  Includes  7,600  soldiers. 

Census  1910:  El  Paso,  39,279. 

Earnings  and  Expenses:  (combined  companies):  For  12  months  ending 
Dec.  31,  1918:— 


VJIUSO    Cell  11 

Or^pm  fine 

naf^a  nnrl   fnvpcj 

.    .          870,311.06 

Net  earnings 

.    .           387,322.17 

Interest  charges 

79,693.55 

Balance   . 
Sinking  fu 

Balance  . 
Dividends 

.    .           307,628.62 

nd  requirements  .    .    . 

.    .               1,388.32 

306.240.30 

:    Preferred  stock,  6% 

.    .    .       $47,022.00 

Common  stock,  10% 

.    .    .       291,41( 

).00          338,432.00 

Surplus  draw^n  on  to  extent  of 

.    .           $32,191.70 

Balance  for  Sinking 

Net  Earnings  after 

Fund  Requirements, 

1 S  tnos.  end-                                                         < 

Operating  Expenses 

Reserves,  Replacements 

ing  Dec.  31.                         Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1902     ....       $161,199.20 

$63,748.90 

$33,748.90 

1903     . 

222,777.46 

60,596.24 

23,671.96 

1904     .    . 

250,510.14 

78,083.25 

37,948.30 

1905     .    . 

288,943.16 

98,-382.48 

55,055.71 

1906     .    . 

391,655.96 

115,2,52.96 

68,037.32 

1907     . 

506,693.69 

128,078.64 

67,728.42 

1908     . 

534,222.50 

134,747.75 

62,690.48 

1909     . 

600,958.00 

224,313.83 

142,630.14 

1910     . 

640,658.00 

253,924.69 

172,590.21 

1911 

691,606.85 

284,805.34 

203,579.70 

1912     . 

793,319.61 

363,102.84 

293,441.45 

1913     . 

886,879.90 

408,520.96 

369,740.56 

1914     . 

1,041,792.48 

466,321.35 

414,965.05 

1915     . 

981,888.55 

460,829.23 

410,461.10 

1916     . 

.      1,110,717.62 

452,153.73 

393,026.16 

1917     . 

.      1,283,525.15 

481,754.69 

417,127.03 

1918     . 

.      1,257,633.23 

387,322.17 

307,628.62 

(22) 


THE  ELECTRIC  LIGHT  AND  POWER  COM- 
PANY OF  ABINGTON  AND  ROCKLAND, 

NORTH  ABINGTON,  MASS. 

This  Company  does  the  entire  electric  lighting  and  power  business  in  the  towns  of 
Abington,  Rockland,  Hanover,  Norwell,  Cohasset  and  Scituate. 

Bonds:    First  Mortgage,  20  Year,  .5%  Gold,  due  April  1,  1919:— 

Outstanding  (mortgage  closed) $25,000 

Cancelled 1,5,000 

Authorized .$40,000 

Callable  as  a  whole  or  in  part  at  100  and  interest. 

Coupons:   April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  International  Trust  Company,  Boston. 

Notes:   Five  Year,  7%  Gold  Coupon,  due  July  1,  1923:— 

Outstanding      $85,000 

Unissued 165,000 

Authorized $250,000 

Issued  in  exchangeable  denominations  of  $100,  $500  and  $1,000. 
Callable  as  a  whole  on  or  after  July  1,  1920,  at  100  and  interest  on-30 
daj's'  notice. 

Coupons:   January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:    International  Trust  Company,  Boston. 

Stock:   (Shares,  $100  par).     Xon-taxable  in  Massachusetts. 

Authorized  and  outstanding $283,500 

Dividends:  Paid  January  2,  4%;  July  1,  4%. 

Annual  Meeting:  Fourth  Thursday  in  July. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  tt  Webster,  Boston. 

Agent  to  Register  Transfers:  Beacon  Trust  Company,  Boston. 

Franchises:   Not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  22,700. 

Census   iqio:  Abington,  5,455;  Rockland,  6,928. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $230,863.83 

Operating  expenses  and  taxes 181,936.71 


Net  earnings 

Interest  and  amortization  charges 

Balance 

Dividends:  Capital  stock,  8%    . 


48,927.12 
7,346.79 


41,580.33 
.         22,680.00 
Balance  for  reserves  and  replacements $18,900.33 

Balance  for 
ReserveK,  Replacements 
and  Dividends. 

$16,604.94 
20,.541.17 
22,318.41 
24,086.18 
21,607.24 
16,282.79 
22,010.44 
24,972.24 
31,682.38 
44,732.14 
42,930.65 
41,580.33 

(23) 


Net  Earnings  after 

IS  mos.  end- 

Operating Expenses 

ing  Dec.  31. 

Gross  Earnings. 

and  Taxes. 

1907     . 

.    .         $53,200.82 

$19,696.28 

1908     . 

.    .           58,811.70 

21,995.71 

1909     . 

.    .          76,486,77 

24,.521.86 

1910     . 

.    .           98,283.64 

28,562.16 

1911     . 

.    .         104,169.33 

23,857.24 

1912     . 

.    .         116,378.92 

18,708.52 

1913     . 

1.38,.5.34.82 

26,420.71 

1914     . 

144,191.43 

31,764.90 

1915     . 

160,241.93 

35,618.70 

1916     . 

192,()'16.88 

4(),989.76 

1917     . 

210,122.94 

46,551.13 

1918     . 

.    .         230,863.83 

48,927.12 

FALL  RIVER  GAS  WORKS  COMPANY. 

FALL  RIVER,  MASS. 

This  Company  does  the  entire  gas  business  in  Fall  River  and  the 
adjoining  town  of  Somerset. 

Bonds :  No  bonded  indebtedness. 

Stock:  (Shares,  $100  par).     Non-taxable  in  Massachusetts. 
Authorized  and  outstanding $1,127,000 

Dividends:  Paid  February  1,  3%;  May  1,  3%;  August  1,  3% 
November  1,  3%. 

Annual  Meeting:  Last  Wednesday  in  July, 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Gas  Output:  Year  ending   Dec.  31,   1918,  800,401,400  cubic 
feet. 

Franchise :  Not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  127,350. 

Census  1910:  Fall  River,  119,295. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918:— 

Gross  earnings $718,209.95 

Operating  expenses  and  taxes 561,383.76 

Net  earnings 156,826.19 

Interest  charges 1,040.44 

Balance 155,785.75 

Dividends:  Capital  stock,  12% 135,240.00 

Balance  for  reserves  and  replacements  .    .    .       $20,545.75 


Net  Earnings  after 

Balance  for 

12  mos.  end- 

Operating Expenses 

Reserves,  Replaces 

ing  Dec.  SI. 

Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1903    .    . 

$331,477.28 

$123,591.02 

$122,593.34 

1904    .    . 

327,883.88 

104,524.12 

102,123.68 

1905    .    . 

352,958.53 

133,725.08 

128,818.40 

1906    .    . 

363,021.25 

147,202.48 

140,427.97 

1907    .    . 

396,634.66 

140,116.54 

137,942.12 

1908    .    . 

407,967.39 

144,877.29 

141,529.34 

1909    .    . 

413,224.07 

157,936.41 

155,636.56 

1910    .    . 

447,299.00 

157,471.00 

153,482.12 

1911    .    . 

435,820.36 

139,659.44 

132,964.22 

1912    .    . 

463,582.37 

140,201.56 

131,685.55 

1913    .    . 

498,438.27 

152,310.54 

138,781.16 

1914    .    . 

520,610.59 

144,451.98 

123,096.04 

1915    .    . 

531,444.73 

187,109.11 

175,749.21 

1916    .    . 

553,637.63 

231,055.90 

230,781.65 

1917    .    . 

582,753.00 

213,039.97 

212,998.47 

1918    .    . 

718,209.95 

156,826.19 

155,785.75 

(24) 


GALVESTON-HOUSTON  ELECTRIC 
COMPANY. 


This  Company  owns  the  capital  stock  of  Galveston  Electric  Company,  Houston 
Electric  Company  and  Galveston-Houston  Electric  Railway  Company,  wiiich  companies 
do  the  entire  electric  railway  and  a  portion  of  the  electric  Ughting  and  power  business  in 
Galveston,  Texas,  the  electric  railway  business  in  Houston,  Texas,  and  operate  an  inter- 
urban  electric  railway  between  the  cities  of  Galveston  and  Houston,  50  miles.  It  guar- 
antees the  payment  of  Galveston-Houston  Electric  RaUway  Company's  bonds  as  to 
principal,  interest  and  sinking  fund. 


Bonds :  Xo  bonded  indebtedness.  For  bonds  of  Constituent  Companies,  see  pages 
55  and  56. 

Stock:  (Shares,  $100  par). 

Preferred  outstanding $3,000,000 

unissued 1,000,000 

authorized $4,000,000 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Redeemable  at  120. 
Common  outstanding $3,988,000 

unissued 1,012,000 

authorized $5,000,000 

Dividends:  Preferred  stock,  6%  cumulative,  payable  March  15  and 
September  15. 

Annual  Meeting:  Third  Tuesday  in  March. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:   (subsidiary  companies):   162.G. 

Franchises:  (subsidiary  comjianics):  Expire  in  Galveston  1050;  in  Hous- 
ton 1035.  The  interurban  railway  operates  on  its  own  private  right 
of  way. 

Estimated  Population  Served:  Jan.  1,  1010,  railway,  213,100  fiiulndcs 
1G,0(X)  Holdiersj;    light  and  power,   l(;,()()0. 

(25) 


Census  1910:  Galveston,  36,981;  Houston,  78,800. 

Earnings  and  Expenses:  (combined  companies):  For  12  months  ending 
Dec.  31,  1918:— 

Gross  earmngs $2,691,331.96 

Operating  expenses  and  taxes 1,850,249.68 

Net  earnings 841,082.28 

Interest  charges 350,185.39 

Balance 490,896.89 

Sinking  fund  requirements 122,450.40 

Balance 368,446.49 

Dividends:  Preferred  stock,  6% 180,000.00 

Balance  for  reserves  and  replacements $188,446.49 


12  mos.  end- 
ing Dec.  31. 

Gross  Earnings. 

Net  Earmngs  after 

Operating  Expenses 

and  Taxes.  '^^ 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends, 

1907     ....    $1,050,892.64 

$394,697.34 

$240,669.60 

1908 

1,088,447.10 

414,897.67 

246,808.02 

1909 

1,206,543.60 

444,623.47 

266.990.21 

1910 

1,312,986.20 

459,819.25 

274,649.17 

1911 

1,523,168.63 

562,577.48 

388,299.54 

1912 

2,027,656.34 

844,974.77 

496,453.70 

1913 

2,373,065.46 

1,020,692.00 

657,387.62 

1914 

2,424,119.40 

1,113,260.57 

759,471.41 

1915 

1,936,228.36 

729,771.03 

398,734.64 

1916 

1,944,839.66 

708,732.37 

386,975.29 

1917 

2,088,121.71 

703,250.19 

372,046.77 

1918 

2,691,331.96 

841,082.28 

490,896.89 

(26) 


HAVERHILL  GAS  LIGHT  COMPANY. 

HAVERHILL,  MASS. 

This  Company  does  the  entire  gas  business  in  Haverhill  and  in  the  ad- 
joining towns  of  Merrimac  and  Groveland. 

Bonds :  No  bonded  indebtedness. 

Stock:  (Shares,  SoO  par).     Non-taxable  in  Massachusetts. 

Authorized  and  outstanding $585,000 

Dividends:  Paid  January  2,  2|%;  April  1,21%;  July  1,  2^%; 
October  1,  2^%. 

Annual  Meeting:  Third  Tuesday  in  September. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Companj^,  Boston. 

Gas  Output:  Year  ending  Dec.  31,  1918,  392,634,000  cubic  feet. 

Franchises:  Not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  56,600. 

Census  iqio:  Haverhill,  44,115. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: 

Gross  earnings $336,294.37 

Operating  expenses  and  taxes 310,032.76 

Net  earnings 26,261.61 

Interest  charges      4,864.86 

Balance 21,396.75 

Dividends:  Capital  stock,  9% 52,653.20 

Surplus  drawn  on  to  extent  of $31,256.45 


Net  Earnings  after 

Balance  for  Reserves 

12  moa.  end- 

Operating Expenses 

Replacements  and 

ing  Dec.  31 .                       Oroas  Earnings. 

and  Taxes. 

Dividends. 

1910    .    .    .     $211,265.51 

$.55,332.57 

$53,472.08 

1911 

206,408.09 

54,764.48 

43,730.19 

1912 

224,381.89 

75,593..56 

61,049.67 

1913 

230,864.61 

51,233.95 

34,416.67 

1914 

244,962.86 

67,071.08 

57,751.19 

1915 

2.')5, 140.76 

73,122.66 

72,512.03 

1916 

284,995.11 

92,820.85 

92,219.94 

1917 

304,308.30 

60,877.17 

59,645.06 

1918 

336,294.37 

26,261.61 

21,396.75 

(27) 


HOUGHTON  COUNTY  ELECTRIC  LIGHT 
COMPANY. 

HOUGHTON,  MICHIGAN. 

This  Company  does  the  entire  electric  lighting  business  and  a  portion  of  the  electric 
power  business  in  Houghton  and  Keweenaw  Counties,  Michigan,  including  the  cities  and 
towns  of  Houghton,  Hancock,  Laurium,  Red  Jacket,  Lake  Linden,  Hubbell,  South  Range 
and  Dollar  Bay,  and  the  mining  locations  of  Atlantic,  Isle  Royale,  Quincy,  Osceola,  Wolver- 
ine, Allouez,  Ahmeek  and  Mohawk. 

Bonds:  First  Mortgage,  25  Year,  5%  Gold,  due  July  1,  1927: — 

Outstanding      

Treasury 

Purchased  and  held  as  an  investment      

Unissued 


$639,000 

103,000 

63,000 

205,000 

« 1,000,000 


Authorized 

Callable  as  a  whole  at  107^  and  interest  on  any  interest  day. 
Improvement  Fund:  S7,.500  per  annum. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Boston  Safe  Deposit  and  Trust  Company,  Boston. 

Stock:   (Shares,  $25  par). 

Preferred  authorized  and  outstanding $300,000 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Common  authorized  and  outstanding      $1,000,000 

Dividends:  Preferred  stock,  6%  non-cumulative,  payable  May  1  and  November  1.     Com- 
mon stock  paid  May  1,  2^%;    November  1,  2^%. 

Annual  Meeting:  First  Tuesday  in  August. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:  Boston  Safe  Deposit  and  Trust  Company,  Boston. 

Franchises:   Franchises   in   Houghton  and   Hancock   expire  in  1930.     Franchises  in  other 
cities  and  towns  not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  75,100. 

Census  igio:  Calumet,  20,097;  Houghton,  5,113;   Hancock,  8,981. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $423,702.97 

Operating  expenses  and  taxes      282,027.01 

Net  earnings 141,675.96 

Interest  charges 42,094.59 

Balance 99,581.37 

Sinking  fund  requirements 7,500.00 

Balance 92,081.37 

Special  reserve 32,645.00 

Balance 59,436.37 

Dividends:  Preferred  stock,  6% $18,00  ).00 

Common  stock,  5% 50,000.58         68,000.58 

Surplus  drawn  on  to  the  extent  of $8,564.21 

Balance  for  Sinking 

Fund  Requirements, 

Reserves.  Replacements 

and  Dividends. 

$50,629.80 

60,318.40 

84,283.11 

93,471.14 

92,631.47 

86,084.24 

96,075.63 

102,784.05 

114,160.69 

110,428.00 

110,4,55.74 

116,0.57.33 

134,950.42 

161,615.91 

142,813.96 

99,581.37 


18  mos 
ing  Dec 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1910 
1911 
1912 
1913 
1914 
1915 
1916 
1917 
1918 


end- 
.31. 


Gross  Earnings. 
$169,503.48 
184,482.60 
211,723.41 
236,108.60 
249,066.06 
246,400.76 
262,344.90 
277,371.98 
292,589.13 
298,401.85 
297,923.82 
311,668.30 
338,912.85 
390,402.36 
420,552.67 
423,702.97 


Net  Earnings  after 
Operating  Expenses 
and  Taxes. 
$76,979.80 
86,668.57 
110,.533.11 
119,721.14 
119,915.48 
117,313.39 
129,188.75 
137,075.02 
148,760.69 
145,028.00 
144,931.58 
150,017.08 
168,842.97 
194,6.56.05 
178,315.08 
141,675.96 


(28) 


HOUGHTON  COUNTY  TRACTION  COMPANY. 

HOUGHTON,  MICHIGAN. 

This  Company  does  an  electric  railway  business  in  Houghton  and  Keweenaw  Counties, 
Michigan,  connecting  the  cities  and  towns  of  Houghton,  Hancock,  Laurium,  Red  Jacket' 
Lake  Linden  and  Hubbell,  and  the  mining  locations  of  Quincy,  Osceola,  Wolverine,  AllouezI 
Ahmeek  and  Mohawk. 

Bonds:  First  Consolidated  Mortgage,  30  Year,  5%  Gold,  due  Jan.  1,  1937 

Outstanding 

Treasury 

Purchased  and  held  as  an  investment 

In  sinking  fund,  cancelled 

Reserved  to  retire  outstanding  underlying  bonds 

Unissued      

Authorized 


5719,500 

2-1,500 

83,000 

90,000 

260,000 

417,000 


•    •    ■ Sl,600,000 

Callable  as  a  whole  at  any  time  (or  in  part  for  sinking  fund)  at  105  and  interest. 

Note:  These  bonds  are  issued  in  exchangeable  denominations  of  SoOO  and  SI, 000. 

Sinking  Fund:    li%  per  annum  of  bonds  outstanding,  payable  March  1. 

\ule:  For  bonds  of  Constituent  Company,  see  page  50. 
Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 
Stock:    I  Shares,  S 100  pari. 

Preferred  outstanding 

unissued 

authorized      

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  authorized  and  outstanding 

Dividends:  Preferred  stock,  Q%  cumulative,  payable  April  1  and  October  1. 

Annual  Meeting:   First  Tuesday  in  August. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:  Boston  Safe  Deposit  and  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:   32.15. 

Franchises:  Largely  on  private  right  of  way.     On  public  streets  expire  1929,  1930,  1932, 

19.33,  193S. 
Estimated  Population  Served:  Jan.  1,  1919,  68,100. 
Census  ipio:  Calumet,  20,097;    Houghton,  5,113;    Hancock,  8,981. 
Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Grcss  earnings $320,066.85 

Operating  expenses  and  taxes      215,487.58 


$207,200 

292,800 

$500,000 


$750,000 


Net  earnings 

Interest  charges     .... 

Balance    ........ 

Sinking  fund  requirements 

Balance 

Special  reserve 


55,130.92 
10,822.50 
44,308.42 
24,128.75 


....          20,17967 

Dividends:  Preferred  stock,  6%     .    . 

....          12,432.00 

Balance  for  reserves  and  replacements 

....         $7,747.67 

Balance  for  Sinking 

Net  Earnings  after 

Fund  Requirements, 

IS  mos.  end- 

Operating Expenses 

Reserves,  Replacements 

ing  Dec.  31.                           Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1901 $105,234.60 

$46,757.00 

$20,1.54.91 

1902 170,709.54 

58,297.35 

27,047.35 

1903 189,403.97 

66,563.63 

31,030.67 

1904 199,512.57 

64,098.27 

23.653.94 

1905 167,006.95 

1,576.29* 

45,233.90* 

1906 229,244.76 

82,989.44 

30,012.85 

1907 249,919.22 

94,001.43 

46,5,52.33 

1908 20.-.,57o.88 

100,763.69 

57,698.86 

1909 310,0fi6..34 

135,2,54.81 

79,089.63 

1910 311,474.62 

131,4.58.94 

74,108.94 

1911 300,902.-58 

122,551.65 

65,051.65 

1912 307, .'.05.85 

132,770.87 

70,170.87 

1913 290,852.86 

116,.-.92.72 

60.015.78 

1914 270,032.84 

97,775..-.5 

42.127..34 

1915 270,000.84 

119,123.98 

03„S91.,57 

1916 320,:J9S.19 

J.39,939  18 

87.1.38.77 

1917 .343,1.33.57 

120,081-95 

7<1,.373.21 

1918 320,006.85 

10-1,579.27 

65,130.92 

* 

Deficit. 

(29) 


JACKSONVILLE  TRACTION  COMPANY, 

JACKSONVILLE,  FLORIDA. 
This  Company  does  the  entire  electric  railway  business  in  Jacksonville. 
Bonds:  First  Consolidated  Mortgage,  20  Year,  5%  Gold,  due 
March  1,  1931:— 

Outstanding $829,500 

Treasury 125,000 

In  sinking  fund,  cancelled 20,500 

Reserved    to    retire    outstanding    underlying 

bonds 1,245,000 

Unissued 2,780,000 

Authorized $5,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105 

and  interest  on  any  interest  day. 
Note:  The  issued    bonds  bear  interest  at  the  rate  of    5%,  but  the 
authorized  and  unissued  bonds  may  bear  interest  at  a  lower  rate, 
as  determined  by  the  Board  of  Directors.     These  bonds  are  issued 
in  exchangeable  denominations  of  $500  and  $1,000. 
Sinking  Fund:  1%  per  annum  of  bonds  certified,  payable  March  1. 
Note:   For  bonds  of  Constituent  Company,  see  page  56. 

Coupons:  March  1  and  September  1,  payable  at  office  of  Trus- 
tee. 

Trustee  and  Registrar  of  Bonds :  State  Street  Trust  Company, 
Boston. 

Notes:  Two  Year,  6%  Gold  Coupon,  due  March  1,  1919:— 

Outstanding - $750,000 

Unissued 250,000 

Authorized $1,000,000 

Issued  in  exchangeable  denominations  of  $500  and  $1,000. 
Callable  as  a  whole  at  100  and  interest  at  any  time  on  30 
days'  notice. 

Coupons:   March   1   and  September   1,   payable  at  office  of 
Trustee. 

Trustee  and  Registrar  of  Notes :  State  Street  Trust  Company, 
Boston. 

Stock:  (Shares,  $100  par).     Non-taxable  in  Massachusetts. 

Preferred  outstanding $500,000 

unissued 500,000 

authorized $1,000,000 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding $1,000,000 

in  treasury 100,000 

unissued 400,000 

authorized $1,500,000 

(30) 


Dividends:  Preferred  stock,  6%  cumulative,  payable  February 
1,  Alay  1,  August  1  and  November  1. 

Annual  Meeting:  Last  Tuesday  in  January. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Stock  Registrar:  American  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:  64.1. 

Franchise:  Expires  1932. 

Estimated  Population  Served :  Jan.  1,  1919,  111,000  (includes 
15,000  soldiers). 

Census  ipio:  Jacksonville,  57,699. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $945,568.53 

Operating  expenses  and  taxes 709,666.84 

Net  earnings 235,901.69 

Interest  charges      175,824.95 

Balance 60,076.74 

Sinking  fund  requirements 23,241.67 

Balance     for    reserves,    replacements   and 

dividends $36,835.07 


Net  Earnings  after 

Balance  for  Sinking 
Fund  Requirements, 

1£  mos.  end- 

Operating Expenses 

Reserves,  Replacements 

ing  Dec.  31.                      Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1903    .    .    .     $248,649.65 

$82,707.19 

^6,303.77 

1904 

290,497.60 

114.035.71 

77,233.74 

1905 

305,639.91 

124,774.01 

86,917.60 

1906 

326,468.29 

124,629.81 

83,926.22 

1^07 

392,393.73 

136,052.51 

85,887.28 

1908 

430,837.92 

146.616.68 

77,985.60 

1909 

486,777.63 

18*6,367.00 

117,695.25 

1910 

576.081.49 

229,272.99 

164,345.46 

1911 

567,547.76 

219,100.53 

132,749.56 

1912 

562,.537.35 

184,025.51 

77,506.15 

1913 

679,621.54 

241,032.84 

109,765.63 

1914 

715,254.80 

247,199.81 

107,008.00 

1915 

611,568.33 

182,729.69 

17,281.87 

1916 

627,193.91 

203,486.63 

39,112.81 

1917 

698,123.26 

228,411.04 

60,465.90 

1918 

045,568.53 

235,901 .69 

60,076.74 

(30 


KEOKUK  ELECTRIC  COMPANY. 

KEOKUK,  IOWA. 

This  Company  does  the  entire  electric  railway,  electric  ligliting,  power  and  gas  business 
in  Keokuk,  Iowa,  the  entire  electric  railway  and  electric  lighting  business  in  Hamilton  and 
Warsaw,  Illinois,  and  operates  an  intorurban  electric  railway  between  Keokuk,  Hamilton 
and  Warsaw. 

Bonds:  First  and  Refunding  Mortgage,  Five  Year,  6%  Gold,  due  January 
15,  1923:— 

Outstanding $150,000 

Reserved  to  retire  underlying  bonds 23,000 

Unissued 227,000 

Authorized  issue $400,000 

Issued  in  exchangeable  denominations  of  $100,  $500  and  $1,000. 
Callable  as  a  whole  on  any  interest  date  at  102  and  interest. 

Note:  For  bonds  of  Constituent  Company,  see  page  53. 

Coupons:  January  15  and  July  15,  payable  at  First  Trust  and  Savings 
Bank,  Chicago,  111. 

Trustees:  First  Trust  and  Savings  Bank,  and  Emile  K.  Boiset,  Chicago,  111. 

Registrar:   First  Trust  and  Savings  Bank,  Chicago,  111. 

Stock:   (Shares,  $100  par).     Non-taxable  in  Illinois. 

Preferred  authorized  and  outstanding $250,000 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Common  authorized  and  outstanding $650,000 

Dividends:  Preferred  stock,  6%  cumulative,  payable  February  15,  May 
15,  August  15  and  November  15. 

Annual  Meeting:  Third  Monday  in  December. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:  7.99;  trackage,  6.14. 

Franchises:  In  Keokuk,  electric  railway  and  Hghting  franchises  expire  in 
1930,  gas  franchise  in  1928.  In  Hamilton,  electric  lighting  franchise 
expires  in  1936,  important  railway  franchise  in  1931.  Interurban 
between  Keokuk,  Hamilton  and  Warsaw  operates  largely  on  leased 
lines. 

Estimated  Population  Served:  Jan.  1,  1919,  railway,  18,900;  electric 
Ught  and  power,  19,600;   gas,  14,500. 

Census  1910:  Keokuk,  14,008. 


Earnings  and  Expenses;  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $264,235.78 

Operating  expenses  and  taxes 204,808.66 

Net  earnings 59,427.12 

Interest  and  amortization  charges      27,479.66 

Balance 31,947.46 

Sinking  fund  requirements 5,000.00 

Balance 26,947.46 

Dividends:  Preferred  stock,  6%      15,000.00 

Balance  for  reserves  and  replacements $11,947.46 


12  mos.  end- 
ing Dec.  31. 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacement 

and  Dividends. 

1912     . 

.    .     $215,462.41 

$81,858.59 

$64,001.09 

1913     . 

.    .       251,474.18 

95,585.02 

72,981.26 

1914     . 

.    .       249,062.32 

88,792.87 

71,506.87 

1915     . 

.    .       232,593.05 

81,437.14 

64,036.94 

1916     . 

.    .       240,181.73 

79,326.29 

60,700.89 

1917     . 

.    .       248,546.41 

72,761.86 

50,770.93 

1918     . 

.    .       264,235.78 

59,427.12 

31,947.46 

(33; 


THE  KEY  WEST  ELECTRIC  COMPANY* 

KEY  WEST,  FLORIDA. 

This  Company  docs  the  entire  street  railway  and  electric  hghting  and  power  business  in 
Key  West. 

Bonds:  First  Mortgage,  50  Year,  5%  Gold,  due  Aug.  1,  1956:— 

Outstanding $463,000 

Treasury 83,000 

In  sinking  fund,  cancelled 47,000 

Unissued 407,000 

Authorized      $1,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105  and  interest 

at  any  time. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  December  1. 

Coupons:   February  1  and  August  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:   State  Street  Trust  Company,  Boston. 

Stock:    (Shares,  $100  par). 

Preferred  outstanding 

in  trust  for  benefit  of  Company 

authorized 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  authorized  and  outstanding 

Dividends:    Preferred  stock,  6%  cumulative,  payable  March  1,  June  1, 
September  1  and  December  1. 

Annual  Meeting:   Last  Monday  in  November. 

General  Managers:   Stone  &  Webster,  Boston. 

Transfer  Agents:   Stone  &  Webster,  Boston. 

Stock  Registrar:   State  Street  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:   5.41. 

Franchises:   Expire  1997. 

Estimated  Population  Served:  Jan.  1,  1919,  21,500. 

Census  igio:   Key  West,  19,945. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $202,872.87 

Operating  expenses  and  taxes 118,508.94 

Net  earnings 

Interest  charges 

Balance 

Sinking  fund  requirements 

Balance  for  reserves,  replacements  and  dividends     .    . 


$270,000 

80,000 

$350,000 


$500,000 


IZ  mos.  end- 
ing Dec.  SI. 

1907 

1908 

1909 

1910 

1911 

1912 

1913 

1914 

1915 

1916 

1917- 

1918 


Gross  Earnings. 
$121,307.65 

109,189.62 

124,876.45 

125,693.58 

144,717.21 

144,255.14 

142,958.16 

132,2.52.27 

112,840.26 

116,371.82 

146,086.97 

202,872.87 

*  Deficit 
(34) 


Net  Earnings  after 
Operating  Expenses 
and  Taxes. 

$19,770.92 
15,712.91 
43,584.95 
46,888.55 
61,830.25 
56,490.00 
57,383.46 
45,597.67 
30,800.25 
38,824.98 
50,829.13 
84,363.93 


.  .  .  84,363.93 

.  .  .  24,259.9 

.  .  .  60,104.00 

.  .  .  5,530.00 

.  .  .  $54,574.00 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 

$6,251.27* 
17,108.89* 

6,677.64 
10,915.33 
24,632.27 
24,583.92 
32,272.41 
20,725.38 

5,940.59 
14,269.97 
26,792.18 
60,104.00 


THE  LOWELL  ELECTRIC  LIGHT 
CORPORATION, 

LOWELL,  MASS. 

This  Company  does  the  entire  electric  lighting  and  power  business  in  Lowell  and  in 
the  adjoining  towns  of  Billerica,  Chelmsford,  Dracut,  Tewksbury  and  Westford.  It 
also  supplies  a  portion  of  the  town  of  Tyngsboro  and  sells  power  to  the  town  of  Littleton. 

Bonds:  No  bonded  indebtedness. 

Stock:  (Shares,  SlOO  par).     Non-taxable  in  Massachusetts. 

Authorized  and  outstanding $1,176,400 

Dividends:  Paid  February  1,  2§%;  May  1,  2§%;  August  1,  2|%;  Novem- 
ber 1,  21%. 

Annual  Meeting:  First  Wednesday  in  February. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:  Old  Colony  Trust  Company,  Boston. 

Franchises:  Not  Umited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  1.37,400. 

Census  1910:  Lowell,  106,294. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings $892,846.67 

Operating  expenses  and  taxes 678,157.77 

Net  earnings 214,688.90 

Interest  charges 16,794.72 

Balance 197,894.18 

Dividends:  Capital  stock,  10';^ 117,640.00 


Balance  for  reserves  and  replacements 


3,254.18 


Net  Earnings  after 

Balance  for  Reserves 

12  mos.  end- 

Operating Expenses 

Replacements 

ing  Dec.  SI.                         Gross  Earnings. 

and  Taxes. 

and  Dividends. 

1899      ....       $143,626.89 

$46,322.29 

$35,938.95 

1900 

172,865.03 

52,795.13 

43,172.79 

1901 

181,998.75 

61,545.64 

51,328.72 

1902 

210,-390.71 

76,040.24 

62,774.64 

1903 

2.'?2,465.66 

81,-503.20 

68,106.61 

1904 

239,-369.69 

100,708.16 

85,139.99 

1905 

254,935.31 

99,629.62 

90,209.54 

1906 

277,914.63 

105,424.36 

95,374.45 

1907 

315,344.70 

110,974.88 

100,978.74 

1908 

340,679.89 

113,188.-50 

99,491.75 

1909 

361,209.09 

123,2-55.51 

113,0-54.26 

1910 

430,619.47 

149,161.87 

138,1-59.01 

1911 

412,-309.06 

144,625.32 

132,987.02 

1912 

421,-577.42 

149,661.81 

139,478.03 

1913 

443,927.49 

1-')S,384.97 

155,3-53.63 

1914 

453,-529.85 

160,272.97 

157,481.51 

1915 

512,510.-37 

1 77,-560X3 

177,0-55.26 

1916 

644,640.35 

2.')9,17().95 

2-54,-523.84 

1917 

723,631.75 

2S1,.522.20 

273,795.72 

1918 

892,846.07 

214,688.90 

197,894.18 

(35) 


MISSISSIPPI  RIVER  POWER  COMPANY. 

KEOKUK.  IOWA. 

This  Company  owns  and  operates  one  of  the  largest  hy.lro-electric  plants  in  the  world, 
located  on  the  Mississippi  River  at  Keokuk,  Iowa,  and  Hamilton,  Illinois.  The  Com- 
pany is  furnishing  at  present  over  its  extensive  transmission  system  in  excess  of  100,000 
horse-power  to  St.  Louis.  K.  St.  Louis,  Alton,  Hannibal,  Quincy,  Burlington,  Fort  Madison, 
Keokuk  auJ  adjacent  territory. 

Bonds:  First  Mortgage,  40  Year,  5%  Gold,  due  Jan.  1,  1951: — 

Outstanding S18,923,.500 

In  sinking  fund,  cancelled 1,076,500 

Unissued 5,000,000 

Authorized      $25,000,000 

Callable  as  a  whole  (or  in  part   for  sinking  fund)  at   105  and  interest  on  any  interest 

day. 
Note:  These  bonds  are  issued  in  exchangeable  denominations  and  forms:  in  coupon 
form  in  $100,  $500  and  $1,000  denominations,  registerable  as  to  principal  only  at 
offices  of  Trustee  and  The  Canadian  Bank  of  Commerce,  London;  in  registered 
form  in  $1,000  and  $5,000  denominations,  registerable  as  to  principal  and  interest 
at  office  of  Trustee. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  January  1. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee  and  at  office  of  The  Canadian 

Bank  of  Commerce,  Toronto,  Canada,  and  London,  England. 
Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 
Debentures:  Five  Year,  0%  Gold,  due  May  1,  1919: — 

Outstanding $1,500,000 

Treasury 2,500,000 

Unissued 6,000,000 

Authorized $10,000,000 

Callable  as  a  whole  at  102  and  interest  on  any  interest  day. 

Note:  The  issued  debentiu-es  bear  interest  at  the  rate  of  6%,  but  the  unissued  de- 
bentures may  bear  interest  at  a  lower  rate  as  determined  by  the  Board  of  Directors. 
These  debentures  are  issued  in  exchangeable  denominations  and  forms:  in  coupon 
form  in  $100,  $500  and  $1,000  denominations,  registerable  as  to  principal  only; 
in  registered  form  in  $5,000  and  $10,000  denominations. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Debentures:  State  Street  Trust  Company,  Boston. 

Stock:   (Shares,  $100  par). 

Preferred  authorized  and  outstanding $6,000,000 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Redeemable  at  115. 
Common  authorized  and  outstanding $16,000,000 

Dividends:  Preferred   stock,   6%   cumulative,   payable  January   1,   April   1,   July   1   and 
October  1. 

Annual  Meeting:  Second  Monday  in  April. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:   Old  Colony  Trust  Company,  Boston. 

Franchise:  By  .\ct  of  Congress  Feb.  9,  1905,  not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  1,120,500. 

Earnings  and  Expenses:  For  12  months  ending  Dec.  31,  1918: — 

Gross  earnings      $2, 2 13, .39 1.77 

Operating  expenses  and  taxes 446,985.41 

Net  earnings 1,766,406.36 

Interest  and  amortization  charges 1,250,907.38 

Balance 515,498.98 

Sinking  fund  requirements 191,909.00 

Balance  for  reserves,  replacements  and  dividends $323,589.98 

Balance  for  Sinking 

Net  Earnings  after  Fund  Requirements, 

IS  mos.  end-                                                           Operating  Expenses  Reserves,  Replacements 

ingDec.Sl.                          Gross  Earnings.               and  Taxes.  and  Dividends. 

1914 $1,576,469.12              $1,254,521.69  $211,584.19 

1915 1,651,269.34                1,326,868.15  241,211.35 

1916 1,7.37,547.48                1,376,151.79  294,954.59 

1917 1,976,461.21                 1,612,065.76  435,262.19 

1918 2,213,391.77                1,766,406.36  515,498,98 

(36) 


NORTHERN  TEXAS  ELECTRIC  COMPANY. 

FORT  WORTH,  TEXAS. 

This  Company  owns  the  capital  stock  and  participating  mortgage  bonds  of  Northern 
Texas  Traction  Company,  the  capital  stock  of  Tarrant  County  Traction  Company  and 
the  capital  stock  of  Arlington  Light  and  Power  Company. 

These  companies  do  the  entire  electric  railway  business  in  Fort  Worth,  operate  inter- 
urban  electric  railways  between  Fort  Worth  and  Dallas,  35  miles,  and  between  Fort 
Worth  and  Cleburne,  31  miles,  and  do  the  electric  light  and  power,  ice  and  water  business 
in  Arlington,  Texas. 

Bonds:  Collateral  Trust,  30  Year,  5%  Gold,  due  Jan.  1,  1940:— 

Outstanding      $3,510,000 

In  sinldng  fund,  cancelled      250,000 

Reserved  to  retire  outstanding  underlying  bonds      .    .    .       2,500,000 

Unissued 3,740,000 

Authorized $10,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  103  and  interest 

on  any  interest  day. 
Registerable  both  as  to  principal  and  interest. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  November  1. 
Note:  For  bonds  of  Constituent  Company,  see  page  57. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trusteeand  Registrarof  Bonds:  Commonwealth  Trust  Company,  Boston. 

Stock:  (Shares,  $100  par). 

Preferred  outstanding $4,000,000 

unissued 1,000,000 

authorized $5,000,000 

Redeemable  at  110. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Common  outstanding $3,150,000 

unissued 1,850,000 

authorized .     $5,000,000 

Dividends:  Preferred  stock,  6%  non-cumulative,  payable  March  1  and 
September  1.  Common  stock  paid  March  1,  1%;  June  1,  1%; 
September  3,  2%;   December  2,  2%. 

Annual  Meeting:  Third  Tuesday  in  November. 
General  Managers:  Stone  &  Webster,  Boston. 
Transfer  Agents:  Stone  &  Webster,  Boston. 
Stock  Registrar:  OM  Cfilony  Trust  Company,  Boston. 
Miles  of  Equivalent  Single  Track:  (subsidiary  companies):  163.2. 

(37) 

1061(11 


Franchises :  Northern  Texas  Traction  Company's  principal  franchises  in  Fort  Worth  ex- 
pire in  1973;  between  Fort  Worth  and  Dallas  private  right  of  way  for  entire  length, 
with  exception  of  such  locations  as  are  in  the  streets  of  towns,  in  which  cases  the 
Company  has  rights  expiring  about  1950;  in  Dallas  franchise  expires  in  1937.  Tarrant 
County  Traction  Company's  francliises  in  Fort  Worth  and  Cleburne  expire  in  1936; 
between  Fort  Worth  and  Cleburne  private  right  of  way  for  entire  length,  with  excep- 
tion of  crossings  on  county  roads  and  such  locations  as  are  in  streets  of  towns,  in  which 
cases  the  Company  has  rig-hts  expiring  in  1961.  ArUngton  Light  and  Power  Com- 
pany's franchise  in  Arlington  expires  in  1949. 

Estimated   Population   Served:    Jan.  1,  1919,   railway,  281,500  (includes 
5,800  soldiers) ;  light  and  power,  8,750. 

Census  1910:  Fort  Worth,  73,312;   Dallas,  92,104;   Cleburne,  10,364. 

Earnings  and  Expenses:     (combined  companies):    For  12  months  ending 


Dec.  31 

,  1918:— 

Gross  earnin 

Q-S      .             .             .             .      . 

.    .      $2,929,759.59 

Operating  expenses  and  taxes 

.    .        1,883,832.66 

Net  earnings 

.    .        1,045,926.93 

Income  from  other  sources  * 

.    .           115,000.00 

Balance    . 

.    .        1,160,926.93 

Interest  charges 

.    .          302,346.81 

Balance   . 

.    .           858,580.12 

Sinking  fund  reauirements  .    .    . 

.    .             35,441.67 

Balance   . 

823  1.38  4.=; 

Dividends: 

Preferred  stock,  6% 

.    .    .     $240,000.00 

Common  stock,  6% 

.    .    .       189,000.00          429,000.00 

Balance  for 

reserves  and  replacements 

*  Rent  of  Oak  Cliff  property. 

.    .         $394,138.45 

IS  mos.  end- 
ing Dec.  St. 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 
Fund  Requirements, 
Reserves,  Replacements 
and  Dividends, 

1904       .     . 

$564,710.78 

$235,898.04 

$127,138.38 

1905 

661,036.89 

269,174.14 

151,046.76 

1906 

854,135.52 

306,984.30 

188,352.63 

1907 

.  .      1,060,953.56 

437,381.34 

308,878.01 

1908 

.      1,080,577.37 

423,750.11 

260,984.12 

1909 

.      1,259,550.94 

532,654.28 

362,676.93 

1910 

.      1,442,807.27 

633,797.30 

444,064.54 

1911 

.      1,622,875.05 

732,881.35 

506,041.38 

1912 

.      1,790,762.42 

849,072.62 

602,680.95 

1913 

.      2,132,200.21 

952,259.28 

6M,479.42 

1914 

.      2,071,098.54 

919,861.35 

634,989.74 

1915 

.      1,713,213.37 

663,504.59 

365,687.53 

1916 

.      1,930,320.85 

773,242.64 

462,798.23 

1917 

.      2,582,113.48 

1,136,450.21 

852,298.40 

1918 

.      2,929,759.59 

1,045,926.93 

858,580.12 

(38) 


PENSACOLA  ELECTRIC  COMPANY* 

PENSACOLA,  FLORIDA. 

This  Company  does  the  entire  electric  railway  business  in  Pensacola, 
and  owns  the  securities  of  the  Escambia  County  Electric  Light  and  Power 
Company,  which  company  does  the  entire  electric  lighting  and  power 
business  in  Pensacola. 

Bonds:  First  ]\Iortgage,  25  Year,  5%  Gold,  due  Aug.  1,  1931:— 

Outstanding 81,111,000 

Treasur}^ 130,000 

In  sinking  fund,  cancelled .  100,000 

Unissued 159,000 

Authorized $1,500,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105 
and  interest  at  any  time. 

Sinking   Fimd:     l|9c   per   annum   of  bonds   outstanding,   payable 
December  1. 

Coupons:  Februarys  1  and  August  1,  payable  at  oflSce  of  Trus- 
tee. 

Trustee  and  Registrar  of  Bonds:  Old  Colonj^  Trust  Company, 
Boston. 

Notes:  Two  Year,  7%  Gold  Coupon,  due  Jan.  1,  1921:— 

Outstanding $153,600.00 

Treasurj^      346,400.00 

Authorized $500,000.00 

Issued  in  exchangeable  denominations  of  $100, 

$500  and  $1,000. 
Callable  as  a  whole  at  101  and  interest  at  any  time  on  30 

days'  notice. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes :  Old  Colony  Trust  Company, 
Boston. 

Stock:  (Shares,  $100  par). 

Preferred  outstanding $300,000 

unissued 200,000 

authorized $500,000 

Redeemable  at  115. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding $800,000 

uni-ssucd 250,000 

authorized $1,050,000 

(39) 


Dividends:  Preferred  stock,  6%  cumulative,  payable  June  1 
and  December  1, 

Annual  Meeting:  Second  Monday  in  November. 

General  Managers :  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:  22.0. 

Franchises:   Railway  franchises  expire  1933;  lighting  franchise 
not  limited  in  time. 

Estimated  Population  Served:   Jan.  1,  1919,  railway,  36,600;* 
light  and  power,  37,100.* 

*  Includes  5,000  men  at  Naval  Air  Station. 

Census  1910:  Pensacola,  22,982. 

Earnings  and  Expenses:  (combined  companies):  For  12  months 
ending  Dec.  31,  1918:— 

Gross  earnings $506,050.46 

Operating  expenses  and  taxes 360,382.40 

Net  earnings 145,668.06 


Interest  charges 

Balance    .    .  ' 

Sinking  fund  requirements 

Balance 

Dividends:  Preferred  stock,  6%  .    .    . 
Balance  for  reserves  and  replacements 


87,066.77 

58,601.29 
12,856.25 

45,745.04 

18,000.00 

$27,745.04 


Balance  for  Sinking 
Net  Earnings  after       Fund  Requirements, 


IS  mos.  end- 
ing Dec.  31. 

Gross  Earnings. 

Operating  Expenses    i 
and  Taxes. 

Reserves,  Replacerm 
and  Dividends. 

1907    .    . 

$228,149.95 

$76,269.20 

$35,364.79 

1908    .    . 

209,182.71 

57,097.11 

13,150.76 

1909    .    . 

246,664.36 

96,344.92 

52,695.36 

1910    .    . 

273,103.02 

104,264.56 

52,965.53 

1911    .    . 

286,715.45 

107,552.54 

46,947.78 

1912    .    . 

285,429.25 

108,970.16 

46,069.75 

1913    .    . 

285,757.67 

103,019.80 

35,400.88 

1914    .    . 

264.840.45 

95,048.17 

21,599.71 

1915    .    . 

258,041.95 

111,222.16 

38,654:15 

1916    .    . 

280,100.60 

122,764.15 

43,001.73 

1917    .    . 

350,458.99 

14^^1,778.40 

65,812.77 

1918    .    . 

506,050.46 

145,668.06 

58,601.29 

(40) 


PONCE  ELECTRIC  COMPANY. 

PONCE,  PORTO  RICO. 

This  Company  ovras  the  securities  of  Ponce  Railway  and  Light  Company,  which  oper- 
ates an  electric  railway  between  Ponce  and  the  Playa  (Port),  and  which  does  the  entire 
lighting  and  power  business  of  Ponce  and  the  Playa. 

Bonds:  Collateral  Trust,  25  Year,  6%  Gold,  due  May  1,  1927:— 

Outstanding S210,000 

In  sinking  fund,  cancelled -10,000 

Unissued 500,000 

Authorized S750,000 

Callable  as  a  whole  at  105  and  interest  on  any  interest  day. 
Sinking  Fund:   1%  per  annum  of  bonds  issued,  payable  May  1. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Boston  Safe  Deposit  and  Trust  Com- 
pany, Boston. 

Stock:   (Shares,  SlOO  par). 

Authorized  and  outstanding $500,000 

Annual  Meeting:  First  Monday  in  December. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Agent  to  Register  Transfers:  Boston  Safe  Deposit  and  Trust  Company, 
Boston. 

Miles  of  Equivalent  Single  Track:    (subsidiary  company):    5.53;    track- 
age, .54. 

Franchises :     (subsidiary    company) : 
hghting  franchise  expires  1963. 

Estimated  Population  Served:  Jan.  1, 

Census  1910:  Ponce,  35,027. 

Earnings  and  Expenses:  (combined  companies):    For  12  months  ending 
Dec.  31,  1918:— 

Gross  earnings $174,585.85 

Operating  expenses  and  taxes 112,755.11 

Net  earnings 61,830.74 

Interest  charges 25,023.26 

Balance 36,807.48 

Sinking  fund  requirements 2,500.00 

Balance  for  reserves,  replacements  and  dividends   .    .    .       $34,307.48 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 

'  $3,738.53 
17,825.07 
10,796.58 
14, 190.. 50 
1 1 ,269.93 
26,261.00 
22,800.25 
24,4.58.75 
32,284.84 
35,914.79 
33,034.47 
22,751.02 
34,751.86 
36,807.48 


Railway    franchise    expires    1961, 
1919,  railway,  40,000:  Hght,  40,000. 


12  mos.  end- 
ing Dec.  31. 

1905 
190G 
1907 
1908 
1909 
1910 
1911 
1912 
1913 
1914 
1915 
1916 
1917 
1918 


Gross  Earnings. 

$88,573.80 
107,326.95 
120,087.49 
113,130.81 
117,178.97 
129,487.29 
1.35,074.21 
141,580.37 
146,045.35 
148,1.39.46 
1  U,.'j64..')2 
ntl,.-)51.36 
1.52,290.22 
174,585.85 


A'e(  Earnings  after 
Operating  Expenses 
and  Taxes. 

$32,182.27 
47,607.75 
46,383.27 
43,610.18 
40,549.61 
55,380.68 
51,745.43 
53,141.29 
60,604.64 
64,175.92 
60,.531.10 
49,790.07 
60,761.69 
61,830.74 


(41) 


PUGET  SOUND  TRACTION,  LIGHT  & 
POWER  COMPANY. 

This  Company  purchased  and  consolidated  the  properties  formerly  owned  by  The 
Seattle  Electric  Company,  Pacific  Coast  Power  Company,  Puget  Sound  Power  Company, 
Seattle-Tacoma  Power  Company  and  Whatcom  County  Railway  &  Light  Company.  It 
also  owns  most  of  the  capital  stock  of  Puget  Sound  Electric  Railway  and  all  the  capital 
stock  of  Pacific  Northwest  Traction  Company,  which  owns  the  capital  stock  of  Puget 
Sound  International  Railway  &  Power  Company. 

The  Company  through  ownership  or  control  does  substantially  all  the  electric  street 
and  interurban  railway  and  the  greater  part  of  the  commercial  electric  lighting  and  power 
business  in  the  Puget  Sound  district,  including  the  cities  of  Seattle,  Tacoma,  Bellingham 
and  Everett,  Washington.  The  Company  owns  or  controls  hydro-electric  power  plants 
with  an  installed  capacity  of  109,000  H.P.  and  an  ultimate  development  of  about  175,000 
H.P.;  steam  stations  with  a  present  capacity  of  47,800  H.P.;  and  street  and  interurban 
railways  aggregating  493.7  miles  of  equivalent  single  track. 

Notes:   Sinking  Fund  Mortgage,  Three  Year,  7%  Gold,  due  June  1, 1921:— 

Outstanding $14,091,000 

Treasury 510,000 

Unissued 5,399,000 

Authorized      $20,000,000 

Callable  as  a  whole  or  in  part  on  any  interest  day  at  101  during  1919 
and  at  100  thereafter. 

Note:   These  notes  are  issued  in  coupon  form  in  $500  and  $1,000  denominations  reg- 

isterable  as  to  principal  only. 
Sinking  Fund:     1%  of  notes  outstanding,  payable  April  1,  1919,  and  April  1,  1920. 

Coupons:  June  1  and  December  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Notes:  Old  Colony  Trust  Company,  Boston. 

Bonds   assumed,  or  outstanding  on   properties  controlled   through 

stock  ownership  (see  pages  57-60) : — 

Everett  Railway  and  Electric  Company  .  $825,000 
Everett  Railway,  Light  and  Water  Co.     .  171,000 

Pacific  Coast  Power  Co 3,990,000 

Puget  Sound  Electric  Railway 3,504,000 

Puget  Sound  Power  Co 2,885,000 

The  Seattle  Electric  Co 9,309,000 

The  Seattle  Electric  Co.,  Seattle-Everett  .  2,920,000 

The  Seattle  Railway  Co 356,000 

Tacoma  Railway  and  Power  Co 1,236,000 

WTiatcom  County  Railway  &  Light  Co.   .  1,390,000    $26,586,000 

Stock:   (Shares,  $100  par).     Non-taxable  in  Massachusetts. 

Preferred  outstanding $14,793,600 

unissued 206,400 

authorized $15,000,000 

Redeemable  at  125. 

Preferred  as  to  dividends  and  in  case  of  Uquidation. 

Common  outstanding $20,110,400 

Non-interest  bearing  receipts  exchangeable  at  par  for 

Common  stock 17,600 

unissued 4,872,000 

authorized $25,000,000 

(42) 


Dividends:  Preferred  stock,  6%  cumulative,  payable  January  15,  April 
15,  July  15  and  October  15. 

Annual  Meeting:  First  Monday  in  March. 

General  Managers:  Stone  &  Webster,  Boston, 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Miles  of  Equivalent  Single  Track:  493.7;  trackage,  5.4. 

Franchises:  In  Seattle  principal  railway  franchises  expire  in  1934;  Hght- 
ing  in  1952.  In  Tacoma  principal  railway  franchise  expires  in  1939; 
power  in  1930.  In  Bellingham  principal  railway  franchise  expires  in 
1941;  minor  railway  in  1934;  electric  light  and  power  in  1940;  resin 
1941.  In  Everett  railway  franchises  expire  in  1944  and  in  1950;  light- 
ing in  1950.     Interurbans  operate  chiefly  over  private  right  of  way. 

Estimated  Population  Served:  Jan.  1,  1919,  railway,  557,800;  electric 
Ught,  528,000;*   power,  028,000;*   gas,  30,400. 

*  Includes  25,000  soldiers. 

Census  1910:  Seattle,  237,194;  Tacoma,  83,743;  Everett,  24,814;  Bell- 
ingham, 24,298. 

Earnings  and  Expenses:  (consolidated  statement):  For  12  months  end- 
ing Dec.  31,  1918:— 

An  ordinance  authorizing  the  City  of  Seattle  to  purchase  the  oper- 
ating street  railway  system  (not  including  power  equipment),  oper- 
ated by  Puget  Sound  Traction,  Light  &  Power  Company  within  the 
City  of  Seattle,  was  passed  Dece:  iber  31st,  1918.  This  ordinance 
contains  a  contract  whereby  the  City  is  to  purchase  from  the  Com- 
pany power  dehvered  to  the  trolley  system.  Terminal  facilities  for 
the  two  interurbans  entering  the  city  are  provided  for  by  contract. 
Consummation  of  the  negotiations  is  dependent  on  the  validation  by 
the  State  Sujjreme  Court  of  the  315,000,000-5%  utihty  bonds  to  be 
turned  over  by  the  City  in  exchange  for  the  property.  Pending  the 
outcome  of  the  trade,  no  accurate  statement  of  the  company's  earn- 
ings can  be  given. 


IS  moK.  end 
ina  Dec.  31 . 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 

Fund  Requirements, 

Reserves,  Replacements 

and  Dividends. 

1912 

.    .    .      $8,313,847.87 

.?3,.54 1,549.29 

Sl,789,173.71 

1913 

.    .    .        8,613,.599.74 

3,605,224.35 

1,793,788.66 

1914 

.    .    .        8,450,973.85 

3,443,965.92 

1,583,141.72 

1915 

.    .    .        7,.5.59,.582..53 

2,S04,S19.58 

926,040.55 

1916 

.    .    .        8,107,371.28 

2,986,376.24 

1,126,000.38 

1917 

.    .    .    .        9,4.54,861.00 

3,600,842.79 

1,621,781.61 

1918 

.    .              Sec  Note 

Sec  Note 

See  Note 

(43) 


SAVANNAH  ELECTRIC  COMPANY. 

SAVANNAH,  GEORGIA. 

This  Company  does  the  entire  electric  railwaj'  and  the  greater  part  of 
the  electric  Ughting  and  power  business  in  Savannah.  It  guarantees 
principal,  interest  and  sinking  fund  payments  on  the  $1,250,000  bonds  of 
Savannah  Power  Company,  deposited  as  collateral  to  secure  floating 
indebtedness,  which  company  owns  a  power  station  at  Savannah  with  a 
present  capacity  of  13,400  H.P.,  operated  under  lease  by  the  Savannah 
Electric  Company. 

Bonds:   First  Consolidated  Mortgage,  50  Year,  5%  Gold,  due 
Jan.  1,  1952:— 

Outstanding      $2,147,000 

Treasury 353,000 

Reserved    to    retire    outstanding    underlying 

bonds 1,000,000 

Authorized S3,500,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  110  and 
interest  on  any  interest  day. 

Note:  Of  the  outstanding  bonds  $100,000  face  value  are  of  $500  de- 
nomination, balance  are  of  $1,000  denomination. 

Improvement  Fimd:  $20,000  per  annum. 

Note:  For  bonds  of  Constituent  Company,  see  page  60. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  of  Bonds :  American  Trust  Company,  Boston. 

Bond  Registrars :  American  Trust  Company,  Boston;  Chatham 
Bank  and  Trust  Company,  Savannah. 

Stock:   (Shares,  $100  par). 

Preferred  authorized  and  outstanding  ....     $1,000,000 

Redeemable  at  120. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Common  authorized  and  outstanding  ....     $2,500,000 

Dividends:  Preferred  stock,  6%  non-cumulative,  payable  April 
1  and  October  1. 

Annual  Meeting:   Second  Wednesday  in  January. 
General  Managers:  Stone  &  Webster,  Boston. 
Transfer  Agents:  Stone  &  Webster,  Boston. 

(44) 


Agent  to  Register  Transfers :   American  Trust  Company,  Bos- 
ton. 

Miles  of  Equivalent  Single  Track:   G4.7;  trackage,  .96. 

Franchises :   Not  limited  in  time. 

Estimated  Population  Served:    Jan.  1,  1919,  railway,  88,500; 
light  and  power,  85,500. 

Census  igio:  Savannah,  65,064. 

Earnings  and  Expenses :  For  12  months  ending  Dec.  31,  1918 : — 

Gross  earnings $1,182,891.14 

Operating  expenses  and  taxes 856,151.05 

Net  earnings 326,740.09 

Interest  charges      282,946.50 

Balance 43,793.59 

Sinking  fund  requirements 20,000.00 

Balance     for    reserves,    replacements     and 

dividends $23,793.59 


IS  mos.  end- 
ing Dec.  31. 

*1899  , 

*1900  , 

*1901  . 

1902  . 

1903  . 

1904  . 

1905  . 

1906  . 

1907  . 

1908  . 

1909  . 

1910  . 

1911  . 

1912  . 

1913  . 

1914  . 

1915  . 

1916  . 

1917  , 

1918  . 


Gross  Earnings. 

$131,347.98 
141,981.15 
156,086.42 
480,510.20 
519,774.18 
544,144.27 
586,235.95 
611,215.19 
602,399.70 
595,819.23 
603,813.51 
632,356.07 
696,667.69 
747,058.26 
827,779.63 
842,638.98 
794,213.66 
826,093.67 
968,173.56 
1,182,891.14 

*  Lighting 


Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

$62,699.10 
65,809.04 
67,815.68 
212,518.99 
212,075.07 
227,359.99 
238,208.95 
232,168.94 
188,090.46 
170,941.74 
175,743.93 
180,197.74 
185,633.93 
106,006.51 
269,858.65 
289,651.60 
275,725.38 
272,398.52 
322, 581.. 50 
326,740.09 

company  only. 
(45) 


Balance  for  Sinking 
Fund  Requirements, 
Reserves,  Replacements 
and  Dividends. 

$51,449.10 
50.455.04 
52,815.68 
96,743.99 
92,748.50 
101,238.50 
110,514.82 
97,708.25 
44,056.17 
20,374.55 
21,769.71 
21,109.79 
21,155.73 
21,211.86 
27,594.33 
34,318.64 
17,233.05 
9,641.63 
52,032.70 
43,793.59 


SIERRA  PACIFIC  ELECTRIC  COMPANY. 

RENO,  NEVADA. 

This  Company  owns  the  capital  stock  of  the  companies  which  do  the 
entire  electric  lighting  and  power  business  in  the  cities  and  towns  of 
Reno,  Sparks,  Virginia  City,  Carson  City  and  Silver  City,  Nevada,  and 
furnish  power  in  the  surrounding  mining  rhstricts  of  Western  Nevada. 
These  companies  also  do  the  entire  gas  business  in  Reno,  Sparks  and 
Carson  City,  and  supply  water  for  domestic  purposes  in  Reno  and  Sparks. 

Bonds:  No  bonded  indebtedness. 

Note:  For  bonds  of  Constituent  Companies,  see  page  61. 

Notes:  Three  Year,  5%  Gold  Coupon,  due  April  1,  1919:— 

Outstanding $350,000 

Unissued .        150,000 

Authorized $500,000 

Issued  in  exchangeable  denominations  of  $500  and  $1,000. 
Callable  as  a  whole  or  in  part  at  100  and  interest  at  any 
time  on  30  days'  notice. 

Coupons:   April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Notes:   State  Street  Trust  Company, 
Boston. 

Stock:   (Shares,  $100  par). 

Preferred  authorized  and  outstanding      .    .    .     $3,500,000 
Redeemable  at  115. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 
Common  authorized  and  outstanding  ....     $8,000,000 

Dividends:  Preferred  stock,  6%  cumulative,  payable  February 
1,  May  1,  August  1  and  November  1. 

Annual  Meeting:  Third  Monday  in  January. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents :  Stone  &  Webster,  Boston. 

(46) 


Stock  Registrar:  Old  Colony  Trust  Company,  Boston. 

Franchises:  (subsidiary  companies):  Electric  lighting  and 
power  franchise  in  Reno  and  Sparks  expires  in  1929.  Gas 
and  water  franchises  in  Sparks  expire  in  1955.  Other 
important  franchises  not  limited  in  time. 

Estimated  Population  Served:  Jan.  1,  1919,  electric  light  and 
power,  27,400;   gas,  20,000. 

Census  1910:   Reno,  10,867;  Carson  City,  2,466. 

Earnings  and  Expenses :  (combined  companies) :  For  12 
months  ending  Dec.  31,  1918: — 

Gross  earnings $721,296.73 

Operating  expenses  and  taxes 354,760.03 

Net  earnings 366,536.70 

Interest  charges      62,902.24 

Balance 303,634.46 

Sinking  fund  rcciuirements 19,793.67 

Balance 283,840.79 

Dividends:  Preferred  stock,  6% 210,000.00 

Balance  for  reserves  and  replacements  .    .    .       $73,840.79 


IS  mos.  end- 
ing Dec.  SI. 

Gross  Earnings. 

Net  Earnings  after 

Operating  Expenses 

and  Taxes. 

Balance  for  Sinking 

Fund  liii/uirfmenls, 

Reseri'e.i,  Krplncenunts 

and  Dividends. 

1910    .    . 

$558,507.93 

$355,446.53 

$310,446.53 

1911    .    . 

571,525.99 

344,721.87 

316,654.20 

1912    .    . 

634,896.89 

398,293.63 

341,303.91 

1913    .    . 

647,571.51 

385,451.74 

319,194.71 

1914    .    . 

592,330.91 

333,778.71 

257,387.81 

1915    .    . 

494,769.61 

279,710.10 

208,691.98 

1916    .    . 

584,960.82 

335,950.80 

269,907.99 

1917    .    . 

081,132.57 

363,436.91 

300,481.06 

1918    .    . 

721,296.73 

366,536.70 

303,634.46 

(47) 


TAMPA  ELECTRIC  COMPANY, 

TAMPA,   FLORroA 

This  Company  does  the  entire  electric  railway,  electric  hghting  and 
power  business  in  Tampa,  and  operates  an  electric  railway  between  Tampa 
and  Port  Tampa  and  a  line  to  Sulphur  Springs. 

Bonds:  First  Mortgage,  25  Year,  5%  Gold,  due  June  1,  1933:— 

Outstanding $966,500 

Treasury 173,500 

In  sinking  fund,  cancelled 90,000 

Unissued 77oioOO 

Authorized $2,000,000 

Callable  at  any  time  as  a  whole  (or  in  part  for  sinking 
fund)  at  105  and  interest. 

Note:  These  bonds  are  issued  in  exchangeable    denominations  of 
S500  and  $1,000. 

Sinking  Fund :  1  %  per  annum  of  bonds  outstanding,  payable  August  1 . 
Coupons:  June  1  and  December  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:    American  Trust  Company, 
Boston. 

Stock:   (Shares,  $100  par). 

Outstanding $2,874,300 

Unissued 5,500 

Authorized $2,879,800 

Dividends:  Paid  February  15,  2^%;  Mayl5,2i%;  August  15, 

2\%;  November  15,  2\%. 

Annual  Meeting:    The  Monday  following  the  first  Sunday  in 
January. 

General  Managers:  Stone  &  Webster,  Boston. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Old  Colony  Trust  Company,  Boston, 

Miles  of  Equivalent  Single  Track:  53.3. 

Franchise :   Expires  999  years  from  1899. 

(48) 


Estimated  Population  Served:    Jan.  1,  1919,  railway,  69,000; 
light  and  power,  67,800. 

Census  igio:  Tampa,  37,782. 

Earnings  and  Expenses:     For   12  months  ending  Dec.   31, 
1918:— 


Operating  < 

•*e>-^ 

expenses  and  taxes 

.       620,276.07 

Net  earnings 

442,270.39 

Interest  charges      .... 

51,654.26 

Balance 

390,616.13 

Sinking  fund  requirements 

9,779.01 

Balance 

380,837.12 

Dividends:  Capital  stock, 

10% : : : : : 

.       286,627.50 

Balance  for  reserves  and  replacements  .    . 

.       $94,209.62 

12  mos.  end- 
ing Dec.  31 .                       Gross  Earnings. 

N'et  Earnings  after 

Operating  Expen.tes 

and  Taxes. 

Balance  for  Sinking 

Fund  Requirement.^, 

Reserves,  Replacements 

and  Dividends. 

1900    .    .    .     $152,123.43 

$58,099.89 

$43,099.89 

1901 

180,494.73 

72,969.15 

53,615.98 

1902 

238,771.73 

99,149.82 

76,912.65 

1903 

304,450.89 

129,814.67 

105,416.90 

1904 

364,645.44 

147,196.53 

123,474.24 

1905 

411,763.26 

174,609.88 

152,844.04 

1906 

469,222.08 

189,264.12 

187,840.96 

1907 

521,181.10 

133,050.80 

126,520.62 

1908 

552,574.26 

170,150.86 

148,640.73 

1909 

596,302.74 

232,947.56 

203,195.46 

1910 

592,964.05 

246,984.02 

209,240.98 

1911 

691,322.76 

313,556.16 

266,091.71 

1912 

753,834.57 

359,205.28 

312,123.83 

1913 

844,940.47 

378,441.45 

332,013.03 

1914 

981,000.49 

460,922.47 

415,452.04 

1915 

981,049.07 

478,148.29 

434,731.53 

1910 

967,086.27 

439,367.87 

395,794.86 

1917 

1,001,311.33 

437,771.97 

390,801.61 

1918 

1,062,546.46 

442,270.39 

390,616.13 

(49) 


PUBLIC  SERVICE  INVESTMENT  COMPANY. 

This  Company  was  organized  in    1909  with  authority,   among  other 
things,  to  hold  and  deal  in  stocks,  bonds,  notes  and  other  securities. 

Bonds:  No  bonded  indebtedness. 

Stock:   (Shares,  $100  par). 

Preferred  outstanding $2,500,000 

unissued 500,000 

authorized $3,000,000 

Redeemable  at  115. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding      $2,500,000 

unissued 500,000 

authorized $3,000,000 

Dividends :  Preferred  stock,  6%  cumulative,  payable  February 
1,  May  1,  August  1  and  November  1. 

Annual  Meeting:  Second  Tuesday  in  May. 

Transfer  Agents:  Stone  &  Webster,  Boston. 

Stock  Registrar:  Beacon  Trust  Company,  Boston. 

Property  of  Company:    Securities  of  twelve  companies,  man- 
aged by  Stone  &  Webster. 

Stocks:  Twelve  companies  (par  value)    ....    $5,931,550.00 

Cash  and  Notes  Receivable 99,563.72 

Total $6,031,113.72 

Income:  For  12  months  ending  Dec.  31,  1918: — 

Income  received  from  stocks      $194,811.00 

Income  received  from  notes  and  cash  .    .    .  3,217.61 

Total 198,028.61 

Expenses  and  taxes      10,076.52 

Balance      187,952.09 

Dividends:  Preferred  stock,  6% 150,000.00 

Balance      $37,952.09 

(50) 


Outstanding. 

Cancelled. 

Authorized. 

.      $284,000 

$216,000 

$500,000 

457,000 

43,000 

500,000 

280,000 

220,000 

500,000 

244,000 

256.000 

500,000 

470,000 

30,000 

500,000 

500,000 

— 

500,000 

RAILWAY  &  LIGHT  SECURITIES  COMPANY. 

This  Company  was  organized  in  1904  for  the  purpose  of  holding  for  income  or  for  sale 
the  securities  of  transportation,  illuminating,  po.ver  and  other  public  s^rs-ice  corporations. 
Under  its  charter  it  may  issue  its  own  Collateral  Trust  Bonds,  secured  by  bonds  of  other 
companies  as  collateral. 

Bonds:  Collateral  Trust,  30  Year,  5^  Gold:— 

1st  Series,  due  May  1,  1935 
2d  Series,  due  May  1,  1939 
3d  Series,  due  Nov.  1,  1939 
4th  Series,  due  :\Iay  1,  1942 
5th  Series,  due  May  1,  1944 
6th  Series,  due  Nov.  1,  1946 

Callable  as  a  whole  or  in  part  at  103  and  interest  on  any  interest  day. 
Each  Series  secured  by  bonds  of  other  companies  with  a  face  value 
at  least  25%  greater  than  the  face  value  of  the  bonds  issued. 
Sinking  Fund:   Provides  for  gradual  retirement  of  each  Series  to  maturity. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Old  Colony  Trust 

Company,  Trustee,  Boston. 
Trustee  and  Registrar  of  Bonds :  Old  Colony  Trust  Company,  Boston. 
Stock:  (Shares,  $100  par). 

Preferred  outstanding $1,500,000 

in  treasury 500,000 

authorized $2,000,000 

Redeemable  at  125. 

Preferred  as  to  dividends  and  in  case  of  liquidation. 

Common  outstanding $1,000,000 

unissued 200,000 

authorized $1,200,000 

Dividends:  Preferred  stock,   6%   cumulative,   payable  February   1   and 

Augu.st  1.     Common  stock  paid  February  1,  3%;  August  1,  3%. 
Annual  Meeting:  Second  Tuesday  in  July. 
Transfer  Agent:   Old  Colony  Trust  Company,  Boston. 
Agent  to  Register  Transfers:  American  Trust  Company,  Boston. 
Property   of    Company:  Bonds,  stocks  and  notes  of  forty-nine  independent 

companies,  twenty-one  of  which  are  managed  by  Stone  &  Webster. 

Bonds:  Thirty-five  companies  (book  value) $3,564,690 

Stock:  Eighteen  companies  (book  value) 1,305,172 

Cash,  notes,  accrued  interest  receivable,  etc 562,681 

Total      $5,432,543 

Income:  For  12  months  ending  Dec.  31,  1918: — 

Income  from  bonds,  notes  and  cash     .    .    .     $228,708.03 

Income  from  stock  and  profit  on  sales    .    .         78,328.54  $307,036.57 

lOxpenses  and  taxes 24,698.23 

Balance 282,338.34 

Interest  charges 110,794.04 

B;iiance 171,544.30 

Dividends:  Preferred  stock,  6% $90,000.00 

Common  stock,  6%   .    .            .         (iO.OOO.OO  150,000.00 

Balance $21,544.30 

(sO 


BONDS  OF  CONSTITUENT  COMPANIES: 

BLACKSTONE  VALLEY  GAS  AND  ELECTRIC  COMPANY, 
PAWTUCKET  ELECTRIC  COMPANY. 

(See  page  8) 

Bonds:  Consolidated  Mortgage,  30  Year,  5%  Gold,  due  Jan.  1,  1938: — 

Outstanding  (mortgage  closed) .        $176,000 

Cancelled 574,000 

Unissued 1,250,000 

Authorized $2,000,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  on  any  interest 
day. 

Registerable  both  as  to  principal  and  interest. 

Assumed  by  Blackstone  Valley  Gas  and  Electric  Company. 
Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Companj^,  Boston. 

THE  PAWTUCKET  GAS  COMPANY  OF  NEW  JERSEY. 

(See  page  8) 

Bonds:  Collateral  First  Mortgage,  30  Year,  4.%  Gold,  due  May  1,  1932:— 

Outstanding  (mortgage  closed) $1,400,000 

Unissued 600,000 

Authorized $2,000,000 

Callable  as  a  whole  at  110  and  interest  on  any  interest  day. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Slater  Trust  Company,  Pawtucket,  R.I. 

WOONSOCKET  ELECTRIC  MACHINE  AND  POWER  COMPANY. 

(See  page  8) 

Bonds:  First  Mortgage,  30  Year,  43^%  Gold,  due  Jan.  1,  1931:— 

Outstanding  (mortgage  closed) $122,000 

In  sinking  fund,  not  cancelled 78,000 

Authorized      $200,000 

Sinking  Fund:  S4,000  per  annum,  payable  January  1. 

Assumed  by  Blackstone  Valley  Gas  and  Electric  Company. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds :  International  Trust  Company,  Boston. 

Bonds:  Consohdated  Mortgage,  40  Year,  41%  Gold,  due  April  1,  1943: — 
Outstanding  (in  hands  of  pubUc)  (mortgage  closed  except 

for  refunding) $197,500 

Held  by  Blackstone  Valley  Gas  and  Electric  Company  .    .  60,000 

In  sinking  fund,  not  cancelled 42,500 

Reserved  to  retire  outstanding  underlying  bonds    ....        122,000 
Unissued 78,000 

Authorized      $500,000 

Callable  on  April  1,  1933,  or  on  any  interest  date  thereafter  at  100 
and  accrued  interest. 

Sinking  Fund:  S3, 177.42  per  annum,  payable  April  1. 

Assumed  by  Blackstone  Valley  Gas  and  Electric  Company. 
Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  International  Trust  Company,  Boston. 

(52) 


Bonds  of  Constituent  Companies  (Cont.) 

CAPE  BRETON  ELECTRIC  COMPANY,  LIMITED. 
SYDNEY  AND  GLACE  BAY  RAILWAY  COMPANY,  LIMITED. 

(See  page  10; 

Bonds:  First  Mortgage,  30  Year,  oSc  Gold,  due  July  1,  1932: — 

Outstanding  (in  hands  of  public) §160,000 

Held  by  Cape  Breton  Electric  Company,  Lunited  ....        220,000 

In  sinking  fund,  cancelled 60,000 

Unissued 60,000 

Authorized      8500,000 

Callable  as  a  whole  at  110  and  interest  on  any  interest  day. 

Guaranteed  as   to   principal,  interest  and    sinking   fund  by  Cape   Breton  Electric 
Company,  Limited. 

Sinking  Fund:  1%  per  annum  of  bonds  certified,  payable  October  1. 
Coupons:  January  1  and  Jul}'  1,  pa3^able  at  office  of  Trustee. 
Trustee  of  Bonds:  The  Royal  Trust  Company,  Montreal,  Canada. 


CENTRAL  MISSISSIPPI  VALLEY  ELECTRIC  PROPERTIES. 
KEOKUK  ELECTRIC  COMPANY. 

KEOKUK  ELECTRIC  RAILWAY  AND  POWER  COMPANY. 
(See  pages  12  and  32) 

Bonds:  First  Mortgage,  ^%  Gold,  due  serially  1919  to  1925:— 

Outstanding  (mortgage  closed) S160.000 

CanceUed 90,000 

Authorized      $250,000 

Callable  at  105  and  interest  on  any  interest  day. 

Coupons:  January  1  and  July  1,  pa3'able  at  office  of  Central  Trust  Com- 
pany of  lUinois,  Chicago. 

Trustees  of  Bonds:  Central  Trust  Company  of  Illinois  and  H.  E.  Ambler. 

COLUMBUS  ELECTRIC  COMPANY. 

THE  COLUMBUS  POWER  COMPANY. 
(See  page  13) 
Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  April  1,  1936:— 

Outstanding      $3,803,000 

In  sinking  fund,  cancelled      197,000 

Authorized $4,000,000 

Callable  a.s  a  whole  (or  in  part  for  sinking  fund)  at  110  and  interest 

on  any  interest  day. 
Guaranteed,  prinrii)ril,  interest  and  sinking  fund,  by  Columbus  Elec- 
tric C'ompany. 
Sinking  Fund:    1%  pr-r  annum  of  boncls  cfrliricd.  payalilo  .April  1. 
Coupons:  Ai)ril  1  and  October  1,  payable  at  office  of  Tru.stcc. 
Trustee  and  Registrar  of  Bonds:  Commonwealth  Trust  Company,  Boston. 

(S3) 


Bonds  of  Constituent  Companies  (Cont») 
THE  CONNECTICUT  POWER  COMPANY. 

THE  BERKSHIRE  POWER  COMPANY. 

(See  page  ISj 
Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  Dec.  1,  1934: — 

Outstanding  (mortgage  closed) $77,000 

In  sinldng  fund,  cancelled 23,000 

Authorized      $100,000 

Sinking  Fund:  2%  per  annum  of  bonds  outstanding,  payable  December  1. 
Assumed  by  The  Connecticut  Power  Company. 

Coupons:  June  1  and  December  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds :  The  FideUty  Trust  Company,  Hartford. 

THE  CONNECTICUT  POWER  COMPANY. 

(See  page  15) 
Bonds:  First  Mortgage,  50  Year,  5%  Gold,  due  July  1,  1956: — 

Outstanding  (mortgage  closed) $517,000 

Authorization Unlimited 

Assumed  by  The  Connecticut  Power  Company  (consolidated  com- 
pany). 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  The  Equitable  Trust  Company  of  New 
York. 

THE  NEW  LONDON  GAS  AND  ELECTRIC  COMPANY. 

(See  page  IS) 

Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  April  1,  1927:— 

Outstanding  (mortgage  closed) $276,500 

Unissued 23,500 

Authorized $300,000 

Assumed  by  The  Connecticut  Power  Company. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  of  Bonds :  The  New  York  Trust  Company,  New  York. 

Bonds:  Second  Mortgage,  30  Year,  5%  Gold,  due  April  1,  1929:—  _^       ^ 

Outstanding  (mortgage  closed) $76,000 

Unissued 49,000 

Authorized $125,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  on  any  interest  day. 
Assumed  by  The  Connecticut  Power  Company. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  of  Bonds:  The  New  York  Trust  Company,  New  York. 

Bonds:  First  Consolidated  and  Refunding  Mortgage,  30  Year,  5%  Gold, 
due  July  1,  1933:— 
Outstanding  (in  hands  of  public)  (mortgage  closed)      .    .        $373,500 

Owned  by  The  Connecticut  Power  Company 2,000 

Unissued 374.500 

Authorized $750,000 

Assumed  by  The  Connecticut  Power  Company. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  The  Equitable  Trust  Company  of  New 
York. 

(54) 


Bonds  of  Constituent  Companies  (Cont.) 

EASTERN  TEXAS  ELECTRIC  COMPANY. 

BEAUMONT  TRACTION  COMPANY. 

(See  page  17) 

Bonds:  First  Mortgage,  40  Year,  5%  Gold,  due  April  1,  1943:— 

Outstanding  (in  hands  of  public)  (mortgage  closed)    .    .    .      $270,000 
Held  by  Eastern  Texas  Electric  Company 330,000 

Authorized     . $600,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  on  any  interest  day. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  Interstate  Trust  and  Banking  Company, 
New  Orleans. 

GALVESTON-HOUSTON  ELECTRIC  COMPANY. 

GALVESTON  ELECTRIC  COMPANY. 

(See  page  25j 

Bonds:  First  Mortgage,  35  Y'ear,  5%  Gold,  due  May  1,  1940: — 

Outstanding $1,297,000 

In  sinking  fund,  cancelled      177,000 

Unissued 1,026,000 

Authorized $2,500,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  110  and  interest 

on  any  interest  day. 
Sinking  Fund:   1J^%  per  annum  of  bonds  certified,  payable  July  1. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee  or  at  the 

Company's  Agency  in  New  York  City. 
Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 

GALVESTON-HOUSTON  ELECTRIC  RAILWAY  COMPANY. 
(See  page  25) 

Bonds:  First  Mortgage,  45  Year,  5%  Gold,  due  Oct.  1,  1954:— 

Outstanding $2,851,000 

In  trust  for  benefit  of  company 26,000 

In  .sinking  fund,  cancelled      123,000 

Uni.ssued 2,000,000 

Authorized $5,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105  and  interest  on 

any  interest  day. 
Guaranteed,  princi[)al,  interest  and  .sinking  fund,  by  Galveston-Hous- 
ton Electric  Comjmny.     (See  page  25.) 

Note:  These  bonds  are  issued  in  fxchariKfablf  donomin.Ttions  and  forms:  in  coupon 
fornn  in  $r)(X)  and  $1,000  dfiiominalions,  registerabio  as  to  principal  only;  in  rcgis- 
tfTfd  form  ill  SI, 000  and  $5,000  denominations,  and  at  the  option  of  the  Company 
in  otiKT  inultit>l<-s  of  $1,000. 

Sinking  Fund:  I'/^  per  annum  of  bonds  outstanding  throuKli  1044  and  1}^%  thero- 
after,  payabli;  I'ebruary  1. 

Coupons:  April  1  and  Oct()l)cr  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 

(55) 


Bonds  of  Constituent  Companies  (Cont») 

Galveston-Houston  Electric  Company  (Cont.) 

HOUSTON  ELECTRIC  COMPANY. 
(See  page  25) 

Bonds:  First  Mortgage,  25  Year,  5%  Gold,  due  Aug.  1,  1925:— 

Outstanding  (mortgage  closed)      $1,805,000 

In  sinking  fund,  not  cancelled 695,000 

_Authorized -.    ■    ■    ■     $2,500,000 

"Callable  as  a  whole  at  1073^  and  interest  on  any  interest  day. 
Sinking  Fund:   114%  P^r  annum  of  bonds  certified,  payable  August  1. 
Coupons:  February  1  and  August  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  International  Trust  Company,  Boston. 


HOUGHTON  COUNTY  TRACTION  COMPANY. 

THE  HOUGHTON  COUNTY  STREET  RAILWAY  COMPANY. 

(See  page  29) 

Bonds:  First  Mortgage,  20  Year,  5%  Gold,  due  July  1,  1920:— 

Outstanding  (mortgage  closed) $266,000 

Cancelled ' 484,000 

Authorized $750,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  at  any  time. 

Assumed  by  Houghton  County  Traction  Company. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:    Boston  Safe  Deposit  and  Trust  Com- 
pany, Boston 


JACKSONVILLE  TRACTION  COMPANY. 

JACKSONVILLE  ELECTRIC  COMPANY. 

(See  page  SO) 

Bonds:  First  Mortgage,  25  Year,  5%  Gold,  due  May  1,  1927:— 

Outstanding  (mortgage  closed) $1,245,000 

Cancelled 5,000 

Authorized $1,250,000 

Callable  as  a  whole  at  105  and  interest  on  any  interest  day. 
Assumed  by  Jacksonville  Traction  Company. 
Improvement  Fund:   1%  per  annum  of  bonds  outstanding. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds :  American  Trust  Company,  Boston, 

(56) 


Bonds  of  Constituent  Companies  (Cont.) 
NORTHERN  TEXAS  ELECTRIC  COMPANY. 

NORTHERPJ  TEXAS  TRACTION  COMPANY. 

(See  page  37) 

Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  Jan.  1,  1933:— 

Authorized  and  outstanding  (mortgage  closed)      ....     $2,500,000 
Callable  as  a  whole  at  105  and  interest  on  any  interest  day. 

Coupons:  January  1  and  July  1,  payable  at  office  of  Trustee  and  at  Chase 
National  Bank,  New  York. 

Trustee  and  Registrar  of  Bonds:  The  Citizens  Savings  and  Trust  Com- 
pany, Cleveland. 

PUGET  SOUND  TRACTION,  LIGHT  &  POWER  COMPANY. 

PACIFIC  COAST  POWER  COMPANY. 

(See  page  42) 

Bonds:  Fu-st  Mortgage,  30  Year,  5%  Gold,  due  March  1,  1940:— 

Outstanding  (mortgage  closed) $3,990,000 

Cancelled 10,000 

Unissued 6,000,000 

Authorized $10,000,000 

Callable  as  a  whole  or  in  part  at  105  and  interest  on  any  interest  day. 

Registerable  both  as  to  principal  and  interest. 

Assumed  by  Puget  Sound  Traction,  Light  &  Power  Company. 

Coupons:  March  1  and  September  1,  payable  at  office  of  Trustee  or  at 
the  offices  of  Harris,  Forbes  &  Company,  Inc.,  Boston  and  New  York. 

Trustee  and  Registrar  of  Bonds:  Harris  Trust  and  Savings  Bank,  Chicago. 

PACIFIC  NORTHWEST  TRACTION  COMPANY. 

(See  page  42) 

Bonds:  The  Seattle  Electric  Company,  Seattle-Everett,  First  Mortgage, 
30  Year,  5%  Gold,  due  March  1,  1939:— 

Outstanding  (mortgage  clo.sed)      .    .    .    ; $2,920,000 

In  sinking  fund,  not  cancelled ISO, 000 

Unissued _  1,900,000 

Authorized $5,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  105  and  interest 

on  any  interest  day. 
Registerable  both  as  to  principal  and  interest. 

Note:  Pacific  Northwest  Traction  Company  ha.s  aRrcod  to  pay  principal,  interest  and 
mnkinc  fund  paymcntB  on  those  bonds,  and  ha.s  mortgaged  its  entire  projierty  as 
security. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  March  1. 
Assumed  by  Pupet  Sound  Traction,  Light  &  Power  Comi)any. 
Coupons:  March  1  and  September  1,  pay.-ible  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  Old  felony  Trust  Company,  Boston. 

(57) 


Bonds  of  Constituent  Companies  (Cont.) 

Pugct  Sound  Traction,  Light  &  Power  Company  (Cont.) 

PUGET  SOUND  ELECTRIC  RAILWAY. 

(See  page  42) 

Bonds:  First  Consolidated  Mortgage,  29  Year,  5%  Gold,  due  Feb.  1,  1932: 

Outstanding  (mortgage  closed) $3,504,000 

In  sinking  fund,  cancelled      7(30,000 

Reserved  to  retire  outstanding  underlying  bonds  ....        1,236,000 

Authorized $5,500,000 

Callable  as  a  whole  at  110  and  interest  on  any  interest  day. 
Sinking  Fund:   I'Jp  per  annum  of  bonds  certified,  plus  5%  per  anniim  on  all  bonds 
purchased  for  sinking  fund,  payable  January  1. 

Coupons:  Fel)ruary  1  and  August  1,  payable  at  office  of  Trustee. 
Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 

TACOMA  RAILWAY  AND  POWER  COMPANY. 

(See  page  42) 

Bonds:  Fu-st  Mortgage,  30  Year,  5%  Gold,  due  April  1,  1929:— 

Outstanding  (in  hands  of  pubUc)  (mortgage  closed) .    .    .     $1,236,000 

Held  by  Puget  Sound  Electric  Railway 264,000 

Authorized §1,500,000 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Old  Colony  Trust  Company,  Boston. 

PUGET  SOUND  INTERNATIONAL  RAILWAY  &  POWER 

COMPANY. 
EVERETT  RAILWAY,  LIGHT  AND  WATER  COMPANY. 

(See  page  42) 

Bonds:    First  [Consolidated]  Mortgage,  20  Year,  5%  Gold,  due  AprU  1, 
1925:— 

Outstanding  (mortgage  closed  except  for  refunding)      .    .        $171,000 
Reserved  to  retire  outstanding  underlying  bonds  ....  825,000 

Cancelled 504,000 

Unissued '  .    .    .         500,000 

Authorized $2,000,000 

Callable  as  a  whole  at  107|  and  interest  on  any  interest  day. 
Assumed  by  Puget  Sound  International  Railway  &  Power  Company. 

Coupons:   April  1  and  October  1,  payalile  at  office  of  Trustee. 

Trustee  of  Bonds:  Bankers  Trust  Company,  New  York. 

Bond  Registrar:  Everett  Railway,  Light  and  Water  Company,  New  York. 

Bonds:  Consolidated  Mortgage,  32  Year,  5%  Gold,  due  Feb.  1,  1941: — 
Owned  lay  Puget  Sound  International  Railway  &  Power 

Company $458,000 

Owned  by  Pacific  Northwest  Traction  Company  ....  480,000 

In  sinking  fund,  cancelled      36,000 

Reserved  to  retire  outstanding  underlying  bonds  ....  996,000 

Unissued ' 2,030,000 

Authorized $4,000^000 

Callable  as  a  whole  (or  in  part  fcr  sinlcing  fund)  at  100  and  interest 

on  any  interest  day. 
Registeraljle  both  as  to  principal  and  interest. 
Sinking  Fund:    1%  per  annum  of  bonds  outstanding,  payaVjle  May  1. 
Assumed  by  Puget  Sound  International  Railway  &  Power  Company. 

Coupons:  February  1  and  August  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:   American  Trust  Company,  Boston. 

^58^ 


Bonds  of  Constituent  Companies  (Cont*) 

Puget  Sound  Traction,  Light  &  Power  Company  (Cont.) 
EVERETT  RAILWAY  AND  ELECTRIC  COMPANY. 

(See  page  42) 
Bonds:  First  Mortgage,  20  Year,  5%  Gold,  due  April  1,  1921:— 

Outstanding  (mortgage  closed) $825,000 

Unissued 175,000 

Authorized §1,000,000 

Assumed  by  Puget  Sound  International  Railway  &  Power  Company. 

Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 

Trustee  of  Bonds :  Bankers  Trust  Company,  New  York. 

PUGET  SOUND  POWER  COMPANY. 

(See  page  42) 

Bonds:  First  Mortgage,  30  Y'ear,  5%  Gold,  due  June  1,  1933: — 

Outstanding  (mortgage  closed) $2,885,000 

In  sinking  fund,  cancelled      426,000 

Cancelled 2,000 

Unissued 687,000 

Authorized .$4,000,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  110  and  interest 

on  any  interest  day. 
Sinking  Fund:   1%  per  annum  of  bonds  certified,  payable  March  1. 
Assumed  by  Puget  Sound  Traction,  Light  &  Power  Company. 

Coupons:  June  1  and  December  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds :  Old  Colony  Trust  Company,  Boston. 

THE  SEATTLE  ELECTRIC  COMPANY. 

(See  page  42) 

Bonds:  First  Mortgage,  30  Year,  5%  Gold,  due  Feb.  1,  1930:— 

Outstanding  (mortgage  closed) $3,693,000 

In  sinking  fund,  not  cancelled 1,307,000 

Authorized S5,0007)00 

Picgisteraljle  as  to  principal  only. 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  110  and  interest 

on  any  interest  day. 
Sinking  Fund:   1%  per  annum  of  bonds  cortifitrl,  payable  February  1. 
A.ssumed  by  Puget  Sound  Traction,  Light  &  Power  Company. 

Coupons:  February  1  and  August  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Boston  Safe  Deposit  and  Trust  Com- 
pany, Bostrtn. 

Bonds:  Con.solidated  and  Refunding  Mortgage,  22  Year,  5%  Gold,  due 
Aug.  1,  1929:— 
Outstanding  (mortgage  closed  except  for  refunding)     .    .     $5,616,000 

In  sinking  fund,  not  cancelled 772,000 

Cancelled 1,344.000 

Reserved  to  retire  outstanding  underlying  bonds  ....       6,934,000 

Uni.s.sued '. _10,334,000 

Authorized $25,0()(),()00 

C'lllablf  in  anioimts  of  not  less  thaii  $500,000  (or  less  for  sinking  fund) 

;it  105  and  iiil crest  ftn  any  interest  day. 
Registerable  l)f)th  as  to  [jrincipal  and  interest. 
Sinking  Fund:    1%  per  annum  of  Ixnid.s  outsliin<liii(?,  payal)le  Octolx-r  1. 
Assumed  by  Puget  Sound  'i'raction.  Light  iV-  Power  Company. 

Coupons:   February  1  imd  August  1,  ()ayal)le  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Old  (Colony  Trust  Company,  Boston. 

(59) 


Bonds  of  Constituent  Companies  (ContO 

Paget  Sound  Traction,  Light  &  Power  Company  (Cont.) 
THE  SEATTLE  RAILWAY  COMPANY. 

(See  page  42) 

Bonds:  Fii-st  Mortgage,  20  Year,  5%  Gold,  due  Nov.  1,  1921:— 

Outstanding  (mortgage  closed) $349,000 

In  sinking  fund,  not  cancelled 119,000 

Cancelled 32,000 

Authorized $500,000 

Callable  as  a  whole  (or  in  part  for  sinking  fund)  at  110  and  interest  on 

any  interest  day. 
Sinking  Fund:   1%  per  annum  of  bonds  certified,  payable  November  1. 
Assumed  by  Puget  Sound  Traction,  Light  &  Power  Company. 
Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Boston  Safe  Deposit  and  Trust  Com- 
panj^,  Boston. 

WHATCOM  COUNTY  RAILWAY  &  LIGHT  COMPANY. 

(See  page  42) 

Bonds:  First  INIortgage,  30  Year,  5%  Gold,  due  Nov.  1,  1935:— 

Outstanding  (mortgage  closed) $1,390,000 

In  sinking  fund,  cancelled      128,000 

Cancelled 246,000 

Unissued 736,000 

Authorized $2,500,000 

Callable  as  a  whole  at  105  and  interest  on  any  interest  day. 
Sinking  Fund:   1%  per  annum  of  bonds  outstanding,  payable  November  1. 
Assumed  by  Puget  Sound  Traction,  Light  &  Power  Company. 

Coupons:  May  1  and  November  1,  payable  at  office  of  Trustee. 

Trustee  and  Registrar  of  Bonds :  Old  Colony  Trust  Company,  Boston. 

SAVANNAH   ELECTRIC    COMPANY 

THE  SAVANNAH,  THUNDERBOLT  AND  ISLE  OF  HOPE  RAIL- 
WAY OF  SAVANNAH,  GEORGIA. 

(See  page  44) 

Bonds:  First  Mortgage,  50  Year,  4%  Gold,  due  July  1,  1947:— 

Outstanding  (mortgage  closed) $1,000,000 

Cancelled 250,000 

Authorized $1,250,000 

Coupons:  January  1,  April   1,  July  1  and  October  1,  payable  at  office 
of  Trustee. 

Trustee  and  Registrar  of  Bonds:  Central  Union  Trust  Company  of  New 
York. 

.60) 


Bonds  of  Constituent  Companies  (Cont.) 

SIERRA  PACIFIC  ELECTRIC  COMPANY. 
NEVADA  POWER,  LIGHT  AND  WATER  COMPANY. 

(See  page  46) 

Bonds:  First  Mortgage,  30  Year,  6%  Gold,  due  April  1,  1932:— 

Outstanding  (mortgage  closed) S215,000 

In  sinking  fund,  not  cancelled 85,000 

Authorized $300,000 

Callable  as  a  whole  or  in  part  (also  in  part  for  sinking  funds)  at  lOT^ 
and  interest,  decreasing  to  lOOf  prior  to  maturity. 

Sinking  Fund:  2%  per  annum  of  bonds  issued,  payable  April  1,  increasing  to  3% 
at  maturity. 

Assumed  by  Reno  Power,  Light  and  Water  Company. 
Coupons:  April  1  and  October  1,  payable  at  office  of  Trustee. 
Trustee  of  Bonds:  Mercantile  Trust  Company  of  San  Francisco. 


RENO  POWER,  LIGHT  AND  WATER   COMPANY. 
(See  page  46) 

Bonds:  First  Consolidated  Mortgage,  40  Year,  6%  Gold,  due  July  1, 
1944:— 
Outstanding  (mortgage  closed  except  for  refunding)     .    .        $388,000 

In  sinking  fund,  not  cancelled 62,000 

Reserved  to  retire  outstanding  underlying  bonds  ....  215,000 

Unissued 85,000 

Authorized $750,000 

Callable  a.s  a  whole  or  in  part  (also  in  part  for  sinking  fund)  at  110 
and  interest,  decreasing  to  lOOJ  prior  to  maturity. 

Sinking  Fund:   1.2%  per  annum  of  bonds  issued,  payable  April  1,  increasing  to  1.7% 
at  maturity. 

Coupons:  January'  1  and  July  1,  i)ayablf  at  office  of  Trustee. 

Trustee  of  Bonds:  Mercantile  Trust  Company  of  San  Francisco. 

(6i) 


SUGGESTIONS  FOR  GUIDANCE  IN 
TRANSFERRING  STOCK, 

1.  If  the  transfer  form  provides  for  the  appointment  of  an 
attorney  to  transfer  the  stock,  the  space  intended  for  the 
name  of  the  attorney  should  be  left  blank. 

2.  In  signing  transfers,  write  your  name  exactly  as  it 
appears  on  the  face  of  the  certificate  without  abbreviation 
or  enlargement.  The  certificate  should  be  forwarded  to  the 
Transfer  Agents. 

3.  In  transferring  to  individuals,  one  name  at  least,  in  ad- 
dition to  the  surname,  should  be  given  in  full.  In  transferring 
to  corporations  or  associations,  give  the  complete  legal  title. 

4.  In  transferring  to  a  woman,  give  the  title  "Miss"  or 
"Mrs."  If  she  is  a  married  woman,  give  her  own  Christian 
name,  not  that  of  her  husband  with  "Mrs."  prefixed. 

5.  At  the  time  a  woman  is  married  she  should  transfer  all 
stock    to    herself    under  her  new  name,   signing  as  follows: 

Mrs.  — — ,  formerly  "Miss"  or  "Mrs."  ;    for  example, 

Mrs.  Mary  Jones,  formerly  IVIiss  Mary  Smith,  having  the  sig- 
nature acknowledged  before  a  notary  public. 

6.  Avoid  using  abbreviations,  and  omit  prefixes  and  suffixes, 
such  as  "Rev.,"  "M.D.,"  etc. 

7.  Signatures  on  transfers,  when  imknown  to  the  Trans- 
fer Agents,  must  be  verified  in  some  way  satisfactory  to 
them.  Ordinarily  the  acknowledgment  of  the  endorsement 
before  a  notary  public,  attested  over  his  official  seal,  will  be 
sufficient,  as  also  signatures  guaranteed  by  a  bank  or  well 
known  banking  house,  particularly  when  such  bank  or  bank- 
ing house  itself  acts  as  representative  for  the  owner  in  forward- 
ing and  receiving  the  certificates. 

8.  Certificates  issued  to  a  minor  or  insane  person  should 
bear  the  guardian's  name,  thus:  John  Smith  (Minor)  or  (In- 
competent), under  the  guardianship  of  Thomas  Smith.  Such 
certificates  are  transferable  only  by  the  guardian,  who  must 
exhibit  a  certificate  of  appointment  and,  in  addition,  a  license, 
of  sale  from  the  court  when  this  is  required. 

9.  Stock  should  not  be  transferred  to  a  trustee,  agent,  or 
attorney,    who   is  not   appointed   by   instrument   in   writing. 

(62) 


^ 


Future  complications  would  frequentlj"  be  avoided  by  submit- 
ting this  instrument  to  the  Transfer  Agents  before  stock  is 
issued. 

10.  When  certificates  are  issued  to  trustees,  the  trust 
must  be  fully  described,  reference  being  made  to  the  will 
or  other  document  creating  the  trust,  and,  whenever  possible, 
the  name  of  the  beneficiary  should  be  given.  Transfers  by 
trustees  tmder  court  jurisdiction  camiot  be  made  without 
license  from  the  court,  except  when  power  of  sale  is  granted 
by  the  terms  of  the  trust,  in  which  case  the  instrument  creat- 
ing the  trust  and  a  certificate  of  the  trustee's  appointment 
should  be  exhibited.  If  there  are  two  or  more  trustees,  all 
should  indorse  the  certificate. 

11.  Transfers  made  by  administrators  or  executors  should 
be  accompanied  by  Court  certificate  of  appointment.  Such 
certificate  must  be  of  recent  date  and  at  least  thirty  days  after 
appointment.  Transfers  by  executors  should  also  be  accom- 
panied by  a  certified  copy  of  the  will. 

12.  Trustees,  administrators,  executors,  guardians,  and  at- 
torneys should  not  transfer  to  themselves  individually,  nor 
should  husband  or  wife  transfer  directly  from  one  to  the  other. 

13.  General  powers  of  attorney  can  be  recognized  by  trans- 
fer agents  onlj^  when  the  intent  of  the  maker  and  the  genu- 
ineness of  his  signature  are  beyond  doubt  and  when  the  power 
is  recent. 

14.  Papers  left  for  record  in  connection  with  transfers  by 
trustees,  executors,  etc.,  will  be  returned. 

lo.  Stockholders  should  give  prompt  notification  of  any 
change  of  address,  and  in  case  of  the  loss  of  a  stock  certifi- 
cate slioul<l  file  a  written  notice  to  that  effect  with  the  Transfer 
Agent,  specifying  the  certificate  number  and  number  of  shares. 

IG.  Whenever  stock  is  offered  for  transfer  which  is  subject 
to  an  inheritance  tax,  the  Transfer  Agents  must  be  furnished 
with  satisfactory  evidence  that  the  tax  has  been  paid  before 
the  transfer  can  bo  made.  Whenever  Federal  or  Static  taxes 
are  rcfiuired,  the  stamps  in  payment  thereof  should  be  affixed 
and  cancelled  before  the  certificates  are  sent  to  the  Transfer 
Agents  for  transfer. 

The  ffircgoing  .syggeslions  are  subject  lo  rliangc  and  should  be  considered  as 
for  guidance  only. 

(63) 


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(64) 


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(65) 


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Galveston 
Haverhill 
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i/     o  •       —   i    i  ^ 


(67) 


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(68) 


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5  ^  'S 

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PO 


ACCRUED  INTEREST  ON 
$1,000  BONDS. 

Computed  Basis  360  Days  per 

Annum,  for  any  Period  from 

One  Day  to  Six  Montlis. 


Period. 


1  day 

2  days 

3  " 

4  " 

5  " 

6  " 

7  " 

8  " 

9  " 

10  " 

11  " 

12  " 

13  " 

14  " 

15  " 

16  " 

17  " 

18  '• 

19  " 

20  " 

21  " 

22  " 

23  " 

24  " 

25  " 

26  " 

27  " 

28  " 

29  " 

30  " 


At 
5%. 


0.139 

0.278 
0.417 
0.556 
0.694 
0.833 
0.972 
1.111 
1.250 
1.389 
1.528 
1.667 
1.806 
1.944 
2.083 
2.222 
2.361 
2.500 
2.639 
2.778 
2.917 
3.056 
3.194 
3.333 
3.472 
3.611 
3.750 
3.889 
4.028 
4.167 


1  mo.* 

2  mos. 

3  " 

4  " 

5  " 
0     " 


4.17 
8.33 
12.50 
16.67 
20.83 
25.00 


At 
6%. 


0.167 
0..333 
0.500 
0.667 
0.833 
1.000 
1.167 
1.333 
1.500 
1.667 
1.833 
2.000 
2.167 
2.333 
2.500 
2.667 
2.833 
3.000 
3.167 
3.333 
3.500 
3.667 
3.833 
4.000 
4.167 
4.333 
4.500 
4.667 
4.833 
5.000 


5.00 
10.00 
15.00 
20.00 
25.00 
30.00 


*  Thirty  days  to  month. 


(70) 


6  PER  CENT.  BOND  TABLE  (Interest  Payable  Semi-annually). 


Pmce. 

Number  of  Years  to  M.\turity. 

Price. 

1 

2 

3 

4 

5 

6 

7 

8 

9 

10 

105.0 



3.39 

4.21 

4.62 

4.86 

5.03 

5.14 

5.23 

5.29 

5.35 

105.0 

104.5 

— 

3.64 

4.38 

4.75 

4.97 

5.12 

5.22 

5.30 

5.36 

5.41 

104.5 

104.0 

1.94 

3.90 

4.56 

4.89 

5.08 

5.22 

5.31 

5.38 

5.43 

5.48 

104.0 

103.5 

2.43 

4.16 

4.73 

5.02 

5.19 

5.31 

5.39 

5.45 

5.50 

5.54 

103.5 

103.0 

2.93 

4.42 

4.91 

5.16 

5.31 

5.41 

5.48 

5.53 

5.57 

5.60 

103.0 

102.5 

3.43 

4.68 

5.09 

5.30 

5.42 

5.50 

5.56 

5.61 

5.64 

5.66 

102.5 

102.0 

3.94 

4.94 

5.27 

5.44 

5.54 

5.60 

5.65 

5.69 

5.71 

5.73 

102.0 

101.5 

4.45 

5.20 

5.45 

5.58 

5.65 

5.70 

5.73 

5.76 

5.78 

5.80 

101.5 

101.0 

4.96 

5.47 

5.63 

5.72 

5.77 

5.80 

5.82 

5.84 

5.86 

5.87 

101.0 

100.5 

5.48 

5.73 

5.81 

5.86 

5.88 

5.90 

5.91 

5.92 

5.93 

5.93 

100.5 

100.0 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

6.00 

100.0 

99.5 

6.52 

6.27 

6.18 

6.14 

6.12 

6.10 

6.09 

6.08 

6.07 

6.07 

99.5 

99.0 

7.05 

6.54 

6.37 

6.29 

6.2i 

6.20 

6.18 

6.16 

6.15 

6.14 

99.0 

98.5 

7.58 

6.81 

6.56 

6.43 

6.36 

6.30 

6.27 

6.24 

6.22 

6.20 

98.5 

98.0 

S.12 

7.09 

6.75 

6.58 

6.48 

6.41 

6.36 

6.32 

6.30 

6.27 

98.0 

97.5 

8.66 

7.37 

6.94 

6.72 

6.60 

6.51 

6.45 

6.40 

6.37 

6.34 

97.5 

97.0 

9.21 

7.65 

7.13 

6.87 

6.72 

6.61 

6.54 

6.49 

6.45 

6.41 

97.0 

96.5 

— 

7.93 

7.32 

7.02 

6.84 

6.71 

6.63 

6.57 

6.52 

6.48 

96.5 

96.0 

— . 

8.21 

7.51 

7.17 

6.97 

6.82 

6.73 

6.66 

6.60 

6.56 

96.0 

95.5 

— 

8.49 

7.70 

7.32 

7.09 

6.93 

6.82 

6.74 

6.67 

6.63 

95.5 

95.0 

— 

8.78 

7.90 

7.47 

7.21 

7.04 

6.91 

6.82 

6.75 

6.70 

95.0 

94.5 

— 

9.07 

8.10 

7.C2 

7.33 

7.14 

7.00 

6.90 

6.83 

6.77 

94.5 

94.0 

— 

9.36 

8.30 

7.77 

7.46 

7.25 

7.10 

6.99 

6.91 

6.84 

94.0 

93.5 

— 

9.65 

8.50 

7.92 

7.58 

7.36 

7.19 

7.07 

6.99 

6.91 

93.5 

93.0 

— 

9.95 

8.70 

8.08 

7.71 

7.47 

7.29 

7.16 

7.07 

6.98 

93.0 

92.5 

— 

— 

8.90 

8.24 

7.84 

7.58 

7.39 

7.25 

7.15 

7.05 

92.5 

92.0 

— 

— 

9.11 

8.40 

7.97 

7.69 

7.49 

7.34 

7.23 

7.13 

92.0 

91.5 



— 

9.31 

8.55 

8.10 

7.80 

7.59 

7.43 

7.31 

7.20 

91.5 

91.0 

— 

— 

9.52 

8.71 

8.23 

7.92 

7.69 

7.52 

7.39 

7.28 

91.0 

90.5 



— 

9.73 

8.87 

8.36 

8.03 

7.78 

7.61 

7.47 

7.36 

90.5 

90.0 

— 

— 

9.94 

9.03 

8.50 

8.14 

7.87 

7.70 

7.55 

7.44 

90.0 

7  PER  CENT.  BOND  TABLE  (Interest  Payable  Se 

mi-annually). 

Number 

3F    Ye.*.R9    to    M.^TURITY. 

Pbice. 

Price. 

1 

1.93 

2 

3 

4 

5 

6           7 

8 

9 

10 

105.0 

4.36 

5.18 

5..59 

5.83 

6.00  1   6.11 

6.20 

6.26 

6.32 

105.0 

104.5 

2.42 

4.62 

5.36 

5.72 

5.94 

6.10      6.19 

6.28 

6.33 

6.38 

104.5 

104.0 

2.91 

4.88 

5.54 

5.86 

6.06 

6.20      6.28 

6.36 

6.41 

6.45 

104.0 

103.5 

3.41 

5.14 

5.72 

6.00 

6.17 

6.29      6.37 

6.43 

6.48 

6.52 

103.5 

103.0 

3.91 

5.40 

5.90 

6.14 

6.29 

6.39 

6.46 

6.51 

6.55 

6.59 

103.0 

102.5 

4.42 

5.67 

6.08 

6.28 

6.41 

6.49 

6.55 

6.59 

6.62 

6.65 

102.5 

102.0 

4.93 

5.93 

6.26 

6.43 

6.53 

6.59 

6.63 

6.67 

6.70 

6.72 

102.0 

101.5 

5.44 

6.20 

6.44 

6.57 

6.65 

6.69 

6.72 

6.75 

6.77 

6.79 

101.5 

lOI.O 

5.96 

6.46 

6.63 

6.71 

6.76 

6.79 

6.81 

6.84 

6.85 

6.86 

101.0 

100.5 

6.48 

6.73 

6.82 

6.85 

6.88 

6.89 

6.90 

6.92 

6.93 

6.93 

100.5 

100.0 

7.00 

7.00 

7.00 

7.00 

7.00 

7.00 

7.00 

7.00 

7.00 

7.00 

100.0 

99.5 

7.53 

7.27 

7.19 

7.14 

7.12 

7.10 

7.09 

7.08 

7.07 

7.07 

99.5 

99.0 

8.06 

7.55 

7.38 

7.29 

7.24 

7.21 

7.18 

7.17 

7.15 

7.14 

99.0 

98.5 

8.60 

7.83 

7.57 

7.44 

7. .36 

7.31 

7.27 

7.25 

7.23 

7.21 

98.5 

98.0 

9.14 

8.11 

7.76 

7.59 

7.49 

7.42 

7.37 

7.34 

7.31 

7.1^8 

98.0 

97.S 

— 

8.38 

7.95 

7.74 

7.61 

7.52 

7.46 

7.42 

7.38 

7.35 

97.5 

97.0 



8.66 

8.15 

7.89 

7.74 

7.03 

7.56 

7.51 

7.46 

7.43 

97.0 

96.5 

— 

8.95 

8.35 

8.04 

7.80 

7.74 

7.65 

7.59 

7.54 

7.50 

90.5 

96.0 

— 

9.23 

8.54 

8.19 

7.99 

7.85 

7.75 

7.68 

7.62 

7..')8 

96.0 

95.5 

— 

9.52 

8.74 

8..34 

8.11 

7.96 

7.85 

7.76 

7.70 

7.65 

95.5 

95.0 

— 

9.8L 

8.94 

8.50 

8.24 

8.07 

7.95 

7.85 

7.78 

7.73 

95.0 

94.5 



— 

9.14 

8.65 

8  37 

8.18 

8.04 

7.94 

7.86 

7.80 

94.5 

94.0 

— 

— 

9.34 

8.81 

8..50 

8.29 

8.14 

8.03 

7.95 

7.88 

94.0 

93.5 



— 

9..54 

8.97 

8.63 

8.40 

8.24 

8.12 

8.03 

7.95 

93.5 

93.0 

— 

— 

9.75 

9.13 

8.76 

8.51 

8..34 

8.21 

8.11 

8.03 

93.0 

92.5 





9.95 

9.29 

S.S9 

8.02 

8.44 

8.30 

8.19 

8.11 

92.5 

92.0 

— 

— 

— 

9.45 

9.02 

8.74 

8..'>4 

8.39 

8.28 

8.19 

92.0 

91.5 

— 

— 

— 

9.61 

9.15 

8.85 

8.64 

8.48 

8.36 

8.27 

91.5 

91.0 

— 

— 

— 

9.77 

9.29 

8.97 

8.75 

8..')8 

8.45 

8.35 

91.0 

90.5 

— 

— 

— 

9.88 

9.43 

9.08 

8.86 

8.07 

8.54 

8.43 

90.5 

90.0 

'     — 

— 

— 

9.99 

9.57 

9.19 

8.95 

8.76 

8.63 

8.51 

90.0 

(71) 


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(73) 


APPROXIMATE  INCOME  FROM 

Price  4%  5%  6%  7%  8%  9%  10%  Pnce 

50  8.00  10.00  12.00  14.00  16.00  18.00  20.00  50 

51  7.84  9.80  11.76  13.73  15.67  17.65  19.61  51 

52  7.69  9.62  11.54  13.46  15.38  17.31  19.23  52 

53  7.55  9.43  11.32  13.21  15.09  16.98  18.87  53 

54  7.41  9.26  11.11  12.96  14.81  16.67  18.52  54 

55  7.27  9.09  10.91  12.73  14.55  16.36  18.18  55 

56  7.14  8.93  10.71  12.50  14.29  16.07  17.86  56 

57  7.02  8.77  10.53  12.28  14.04  15.79  17.54  57 

58  6.90  8.62  10.34  12.07  13.79  15.52  17.24  58 

59  6.78  8.47  10.17  11.96  13.56  15.25  16.95  59 

60  6.67  8.33  10.00  11.67  13.33  15.00  16.67  60 

61  6.56  8.20  9.84  11.48  13.11  14.75  16.39  61 

62  6.45  8.06  9.68  11.29  12.90  14.52  16.13  62 

63  6.35  7.94  9.52  11.11  12.70  14.29  15.87  63 

64  6.25  7.81  9.38  10.94  12.50  14.06  15.63  64 

65  6.15  7.69  9.23  10.77  12.31  13.85  15.39  65 

66  6.06  7.58  9.09  10.61  12.12  13.64  15.15  66 

67  5.97  7.46    8.96  10.45  11.94  13.43  14.93  67 

68  5.88  7.35    8.82  10.29  11.76  13.24  14.71  68 

69  5.80  7.25    8.70  10.14  11.59  13.04  14.49  69 

70  5.71  7.14    8.57  10.00  11.43  12.86  14.29  70 

71  5.63  7.04    8.45  9.S6  11.27  12.68  14.08  71 

72  5.56  6.94    8.33  9.72  11.11  12.50  13.89  72 

73  5.48  6.85    8.22  9.59  10.96  12.33  13.70  73 

74  5.41  6.76    8.11  9.4G  10.81  12.16  13.51  74 

75  5.33  6.67    8.00  9.33  10.67  12.00  13.33  75 

76  5.26  6.58    7.89  9.21  10.53  11.84  13.16  76 

77  5.19  6.49    7.79  9.09  10.39  11.69  12.99  77 

78  5.13  6.41    7.69  8.97  10. 2G  11.54  12.82  78 

79  5.06  6.33    7.59  8.86  10.13  11.39  12.66  79 

80  5.00  6.25    7.50  8.75  10.00  11.25  12.50  80 

81  4.94  6.17    7.41  8.64    9.88  11.11  12.35  81 

82  4.88  6.10    7.32  8.54    9.76  10.98  12.20  82 

83  4.82  6.02    7.23  8.43    9.64  10.84  12.05  83 

84  4.76    5.95    7.14  8.33    9.52  10.71  11.90  84 

85  4.71    5.88    7.06  8.24    9.41  10.59  11.76  85 

86  4.65    5.81    6.98  8.14    9.30  10.46  11.62  86 

87  4.60    5.75    6.90  8.05    9.20  10.34  11.49  87 

88  4.55    5.68    6.82  7.95    9.09  10.23  11.36  88 

89  4.49    5.62    6.74  7.87    8.99  10.11  11.23  89 

90  4.44    5.56    6.67  7.78    8.89  10.00  11.11  90 

91  4.40    5.49    6.59  7.69    8.79    9.89  10.98  91 

92  4.35    5.43    6.52  7.61    8.70    9.78  10.87  92 

93  4.30    5.38    6.45  7.53    8.60    9.67  10.75  93 

94  4.26    5.32    6.38  7.45    8.51    9.57  10.64  94 

95  4.21    5.26    6.32  7.37    8.42    9.47  10.53  95 

96  4.17    5.21    6.25  7.29    8.33    9.39  10.42  96 

97  4.12    5.15    6.19  7.22    8.25    9.28  10.31  97 

98  4.08    5.10    6.12  7.14    8.16    9.17  10.20  98 

99  4.04    5.05    6.06  7.07    8.08    9.09  10.10  99 

100  4.00    5.00    6.00  7.00    8.00    9.00  10.00  100 

101  3.96    4.95    5.94  6.93    7.92    8.91  9.90  101 

102  3.92    4.90    5.88  6.86    7.84    8.82  9.80  102 

103  3.88    4.85    5.83  6.80    7.77    8.74  9.71  103 

104  3.85    4.81    5.77  6.73    7.69    8.65  9.62  104 

105  3.81    4.76    5.71  6.67    7.67    8.57  9.52  105 

106  3.77    4.72    5.66  6.60    7.55    8.49  9.43  106 

107  3.74    4.67    5.61  6.54    7.48    8.41  9.34  107 

108  3.70    4.63    5.56  •  6.48    7.41    8.31  9.26  108 

(74) 


STOCKS  PAYING  FROM  4%  TO  J0% 

Pnce  A%  o%  6%  7%  8%  9%  10%  Price 

109  3.67  4.59  5.50  6.42  7.34  8.26  9.17  109 

110  3.64  4.55  5.45  6.36  7.27  8.18  9.09  110 
\\2\  3.56  4.44  5.33  6.22  7.11  8.00  8.89  \\2\ 
115  3.48  4.35  5.22  6.09  6.96  7.82  8.70  115 
117^  3.40  4.26  5.11  5.96  6.81  7.66  8.51  117^ 
120  3.33  4.17  5.00  5.83  6.07  7.50  8.33  120 
122|  3.27  4.08  4.90  5.71  6.53  7.35  8.16  122J 
125  3.20  4.00  4.80  5.60  6.40  7.20  S.OO  125 
127J  3.14  3.92  4.71  5.49  6.27  7.06  7.84  127J 
130  3.08  3.85  4.62  5.38  6.15  6.92  7.69  130 
1321  3.02  3.77  4.53  5.28  6.04  6.80  7.55  132^ 
135  2.96  3.71  4.44  5.19  5.93  6.67  7.41  135 
137i  2.91  3.64  4.36  5.09  5.82  6.55  7.27  137^ 
140  2.86  3.57  4.29  5.00  5.71  6.43  7.14  140 
I42|  2.81  3.51  4.21  4.91  5.61  6.31  7.08  142| 
145  2.76  3.45  4.14  4.83  5.52  6.21  6.90  145 
1471  2.71  3.39  4.07  4.75  5.42  6.10  6.78  147^ 
150  2.67  3.33  4.00  4.67  5.33  6.00  6.67  150 
1521  2.62  3.28  3.93  4.59  5.25  5.90  6.56  152| 
155  2.58  3.23  3.87  4.52  5.16  5.80  6.45  155 
157^  2.54  3.17  3.81  4.44  5.08  5.71  6.35  157| 
160  2.50  3.13  3.75  4.38  5.00  5.63  6.25  160 
162§  2.46  3.08  3.69  4.31  4.92  5.54  6.15  162J 
165  2.42  3.03  3.63  4.24  4.85  5.46  6.06  165 
167^  2.39  2.99  3.58  4.18  4.78  5.38  5.97  167^ 
170  2.35  2.94  3.53  4.12  4.71  5.29  5.88  170" 
1721  2.32  2.90  3.48  4.06  4.64  5.21  5.80  172| 
175  2.29  2.86  3.43  4.00  4.57  5.14  5.71  175 
177^  2.25  2.82  3.38  3.94  4.51  5.07  5.63  177J 
180  2.22  2.78  3.33  3.89  4.44  5.00  5.56  180 
1821  2.19  2.74  3.29  3.84  4.38  4.93  5.48  182| 
185  2.16  2.70  3.24  3.78  4.32  4.86  5.41  185 
1871  2.13  2.67  3.20  3.73  4.27  4.79  5.33  187^ 
190  2.11  2.63  3.16  3.68  4.21  4.73  5.26  190" 
I92|  2.08  2.60  3.12  3.64  4.16  4.67  5.19  192i 
195  2.05  2.56  3.08  3.59  4.10  4.61  5.13  195' 
197J  2.03  2.53  3.04  3.54  4.05  4.54  5.06  197J 
200  2.00  2.50  3.00  3.50  4.00  4.50  5.00  200 
205  1.95  2.44  2.93  3.41  3.90  4.39  4.88  205 
210  1.90  2.38  2.86  3.33  3.81  4.28  4.76  210 
215  1.86  2.33  2.79  3.25  3.72  4.18  4.65  215 
220  1.82  2.27  2.73  3.18  3.64  4.08  4.55  220 
225  1.78  2.22  2.67  3.11  3.56  4.00  4.44  225 
230  1.74  2.17  2.61  3.04  3.48  3.91  4.35  230 
235  1.70  2.13  2.55  2.98  3.40  3.83  4.26  235 
240  1.67  2.08  2.50  2.92  3.33  3.75  4.17  240 
245  1.63  2.04  2.45  2.86  3.27  3.08  4.08  245 
250  1.00  2.00  2.40  2.80  3.20  3.60  4.00  250 
255  1.57  1.96  2.35  2.75  3.14  3.53  3.92  255 
260  1.54  1.92  2.31  2.09  3.08  3.46  3.85  260 
265  1.51  1.89  2.26  2.64  3.02  3.-39  3.77  265 
270  1.48  1.85  2.22  2.59  2.96  3.33  3.70  270 
275  1.45  1.82  2.18  2.55  2.91  3.27  3.64  275 
280  1.43  1.79  2.14  2.50  2.86  3.21  3.57  280 
285  1.40  1.75  2.11  2.40  2.81  3.16  3.51  285 
290  1.38  1.72  2.07  2.41  2.76  3.10  3.45  290 
295  1.30  1.69  2.03  2.37  2.71  3.05  3.39  295 
300  1.33  1.07  2.00  2.33  2.07  3.00  3.33  300 

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